Closing costs are the fees and expenses that you’ll need to pay when you buy a home in Ontario. These costs can add up, so it’s important to be aware of what you’ll need to pay before you close the deal. Here’s a breakdown of some of the common closing costs you’ll need to pay when buying a home in Ontario, along with some rough estimates:

1. Legal fees: You’ll need to pay for a lawyer to review the purchase agreement and handle the transfer of ownership. Legal fees can range from $1,000 to $2,000 or more, depending on the complexity of the transaction.
2. Land transfer tax: This tax is based on the purchase price of the home and is paid to the government when you transfer ownership of the property. In Ontario, the land transfer tax is 0.5% of the first $55,000 of the purchase price, 1% of the amount between $55,000 and $250,000, and 1.5% of the amount above $250,000.
3. Home inspection fees: If you choose to have a home inspection, you’ll need to pay the inspector’s fee, which can range from $300 to $600 or more.
4. Appraisal fees: If you’re getting a mortgage, your lender may require an appraisal of the property to ensure that it’s worth the price you’re paying. Appraisal fees can range from $300 to $500 or more.
5. Title insurance: Title insurance protects you against any issues with the title of the property, such as liens or undisclosed encumbrances. The cost of title insurance can range from $200 to $400 or more.
6. Property taxes: You’ll need to pay a pro-rated portion of the property taxes for the year, which can vary depending on the value of the property and the local tax rate.
7. Moving expenses: Don’t forget to budget for the cost of moving, including the cost of movers, packing materials, and any storage fees. Moving expenses can range from $1,000 to $5,000 or more.

It’s important to keep in mind that these are just rough estimates and the actual closing costs you’ll need to pay will vary depending on the specifics of your transaction. Your real estate agent and lawyer can provide you with a more detailed estimate of the costs based on your specific situation.