877 813 6171 chris@rtopartners.ca
The calculation for closing costs for buying a home (NOT including down payment or realty commissions) usually total about 1.5% of the property value, for single family residences in Ontario and most parts of Canada.

(Remember that you will avoid realty commissions when you take ownership from your landlord, since it is a private sale as per your Purchase Option contract, but you WILL have to pay about 1.5% closing costs (except Alberta), including the land transfer tax shown below, as well as lawyer’s fees etc.).

Most of the closing cost is Land Transfer Tax. Other elements include lawyer fees, and various small government fees.

Some regions, such as Alberta, have no LTT.

Here is an overview of Land Transfer Tax (or equivalent) across Canada, as of March 2013:

Ontario

Land Transfer Tax
Up to $55,000 X 0.5% of total property value
From $55,000 to $250,000 X 1% of total property value
From $250,000 to $400,000 X 1.5% of total property value
From $400,000 up X 2% of total property value
The City of Toronto levies an additional LTT on Toronto real estate in addition to the provincial rate.

British Columbia

Property Purchase Tax
Up to $200,000 X 1% of total property value
From $200,000 up X 2% of total property value

Manitoba

Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X 0.5% of total property value
From $90,000 to $150,000 X 1% of total property value
From $150,000 up X 2% of total property value

Quebec

Transfer Tax Up to $50,000 X 0.5% of total property value
From $50,000 to $250,000 X 1% of total property value
From $250,000 up X 1.5% of total property value

Nova Scotia

Land Transfer Tax
Halifax Metro: 0% to 1.5% on total property value
Outside Halifax County: Check with local municipality.

Alberta, Saskatchewan, PEI, NFLD

No land transfer taxes, but there are small mortgage and land filing expenses.