Closing Costs

Closing costs are a not-so-fun surprise to a lot of first time homebuyers. So, let’s make sure you’re prepared. Closing costs are the expenses you will need to pay when closing the purchase of your home and obtaining your mortgage. Typical closing costs you can expect include fees for lawyers, title insurance, appraisal, home inspection, the PST on Mortgage Default Insurance as well as land transfer taxes. As a general rule of thumb, it is recommended to have funds totalling at least 1.5% of the property value to account for closing costs.

An even bigger surprise to a lot of people is that the seller has closing costs too. These include real estate commission (if applicable), their own legal fees and any costs related to discharging a mortgage they may have had on the property.

< Previous

Next >

About The Author

Don Scott

Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.

Connect with Don on LinkedIn!

A man and woman are sitting at a table talking to a man in a suit.

Managing Uncertainty in Today’s Mortgage Market

By Don Scott • May 27, 2025

Feeling hesitant about entering the housing market today due to political or economic uncertainty is understandable. The landscape can seem unpredictable—interest rates shift, housing supply fluctuates, tariff news hits the headlines and policies change. As a mortgage broker, we see this uncertainty every day. But here’s the truth: while there is much beyond your control, mastering the factors that you can control is what will make the biggest difference in your journey to homeownership.