Ontario Land Transfer Tax
.5% up to $ 55,000
1.0% up to $250,000 minus $275
1.5% over $250,000 to $400,000 minus $1,525
2.0% over $400,000 minus $3,525
Tax is $4,475 for the first $400,000 and 2% thereafter
$500,000 purchase is $4,475 + $2,000 = $6,475
Toronto Land Transfer Tax
.5% up to $ 55,000
1.0% over $ 55,000 to $400,000 - $ 275
2.0% over $400,000 - $4,275
Tax is $3,725 first $400,000 2% thereafter
$500,000 purchase is $3,725 + $2,000 = $5,725
These are the largest parts of the closing costs. The rest are quite low.
We can provide them upon request, and they will include fees for a title search, City of Toronto Tax Department, City of Toronto Water Department, City of Toronto Hydro Department, Title Insurance, and of course your Lawyer's fee and disbursements.
If your down payment is less than 20% of the purchase price in unborrowed funds, then, there will also be a mortgage insurance fee which can be paid in cash with the closing money, or added to the principal amount of the mortgage provided you qualify for the total amount, which is not usually too difficult.