The summary
For a Toronto condo at $750,000 with 10% down and a first-time buyer, rough closing-cost math:
| Line item | Amount |
|---|---|
| Ontario LTT (after rebate) | ~$7,475 |
| Toronto MLTT (after rebate) | ~$7,000 |
| Legal fees + disbursements | ~$2,000 |
| Title insurance | ~$400 |
| Status certificate fee (reimbursement) | $100 |
| HST on CMHC premium (8% provincial portion) | ~$1,700 |
| Pre-paid property tax + utilities (varies) | ~$500–$1,500 |
| Total ≈ | ~$19,000–$20,000 |
That's on top of the $75,000 down payment. So the cash needed at closing is closer to $95,000 than $75,000.
Land Transfer Tax — Ontario (provincial)
Ontario's LTT tiers (residential):
| Portion of price | Rate |
|---|---|
| $0 – $55,000 | 0.5% |
| $55,001 – $250,000 | 1.0% |
| $250,001 – $400,000 | 1.5% |
| $400,001 – $2,000,000 | 2.0% |
| $2,000,001+ | 2.5% (on single/2-unit residential) |
On $750,000: $275 + $1,950 + $2,250 + $7,000 = $11,475 before rebate.
First-time-buyer rebate: up to $4,000. Net for a first-time buyer: $7,475.
Toronto Municipal Land Transfer Tax (MLTT)
Toronto adds a second LTT layer — the only Ontario city to do so. Tiers (residential, as of last update):
| Portion of price | Rate |
|---|---|
| $0 – $55,000 | 0.5% |
| $55,001 – $250,000 | 1.0% |
| $250,001 – $400,000 | 1.5% |
| $400,001 – $2,000,000 | 2.0% |
| $2,000,001 – $3,000,000 | 2.5% |
| $3,000,001 – $4,000,000 | 3.5% |
| $4,000,001 – $5,000,000 | 4.5% |
| $5,000,001 – $10,000,000 | 5.5% |
| $10,000,001 – $20,000,000 | 6.5% |
| $20,000,001+ | 7.5% |
Toronto introduced the new higher tiers above $3M effective January 1, 2024 (the "luxury MLTT" change). Verify current rates on toronto.ca before closing — the city has revisited this schedule.
On $750,000: $275 + $1,950 + $2,250 + $7,000 = $11,475 before rebate. Toronto first-time-buyer rebate: up to $4,475. Net: $7,000.
First-time buyer rebates
Two rebates stack — you can claim both if you qualify:
- Ontario first-time homebuyer rebate: up to $4,000.
- Toronto first-time homebuyer rebate: up to $4,475.
To qualify you must:
- Be 18 or older.
- Be a Canadian citizen or permanent resident.
- Have never owned a home (or interest in one) anywhere in the world — AND your spouse must not have owned during your marriage.
- Occupy the home as your principal residence within 9 months.
- Apply for the rebate within the statutory window (your lawyer files at closing — just confirm they're applying both).
Tell your lawyer at the START of the transaction that you're a first-time buyer. They'll need to confirm with both Ontario and Toronto.
Legal fees, title insurance, and disbursements
Toronto condo legal fees commonly run $1,500–$2,500 all-in (fees + HST + disbursements). The disbursements include the title search, the registration, the courier, the off-title search, the software fee, and bank wires.
Title insurance is a one-time premium, typically $300–$500 for a residential condo, and protects against title defects, fraud, and certain off-title issues. It is not the same as homeowner's insurance (which covers the unit's contents and liability and is required by your lender separately).
HST on CMHC insurance (the often-missed line)
If you're putting less than 20% down, the mortgage default insurance premium is added to your mortgage balance — that part you don't pay in cash. The 8% provincial portion of HST on the premium, however, is payable in cash on closing day.
Worked example: $750K condo, 10% down ($75K), so loan is $675K. Premium at ~3.1% = ~$20,925. HST 8% on $20,925 = ~$1,674. Pay that to your lawyer at closing.
This line item single-handedly accounts for the "wait, how much do I owe?" call to the lawyer most first-time buyers make the week before closing.
Pre-paid property tax, utilities, and condo fees
Whatever the seller has pre-paid past closing day, you reimburse on a per-diem basis. Annual property tax pro-rated, current month's condo fee pro-rated, utility deposits transferred. Your lawyer's Statement of Adjustments shows every line.
Plan for $500–$1,500 here, depending on the time of year and the building's billing cycle.
What's NOT a closing cost (but feels like one)
For clarity:
- Movers — not a closing cost; budget separately.
- Furniture, appliances, paint — same.
- Home inspection — commonly paid out-of-pocket BEFORE closing.
- Move-in elevator deposit — paid to property management, refundable. $200–$500 typically.
- Key fobs, parking transponder — paid to property management on move-in. $50–$200.
None of these are "closing costs" in the legal sense, but they all hit the same week.
Frequently asked questions
Can the seller pay my closing costs?
Not usually in Toronto — the buyer pays their own LTT, legal fees, and pre-paids. The seller can credit money to the buyer through an "abatement" in the APS (effectively a price reduction), but a straight cheque from seller to buyer at closing isn't how the Ontario system is structured. Talk to your lawyer about credits if needed.
Why do Toronto buyers pay LTT twice?
Provincial LTT applies across Ontario. Toronto added its Municipal LTT in 2008 as a city-revenue tool. Both apply on every Toronto purchase. First-time buyers can claim a rebate on each.
Can closing costs be rolled into the mortgage?
Generally no — the lender lends against the appraised value at LTV ratios that don't include closing costs. The exception is the CMHC premium itself, which is added to the mortgage. The HST on the premium, the LTT, the legal fees, and the pre-paids are paid in cash.
Are there closing-cost differences between resale and pre-construction?
Yes — pre-construction adds builder closing costs (development charges, education levies, Tarion enrollment, utility connections, possibly HST adjustments) that resale doesn't. Budget 3–5% on top of the contract price for pre-construction closing costs. See our pre-construction guide.
Talk to a Toronto Condo Broker
I'm Scott Miralami — a licensed Broker at Central Home Realty Inc., Brokerage, focused on the Toronto downtown condo market. If you have a question about anything you read here, send me a note. I read every message myself.