The Estimated Costs of Buying a Home It's a good idea to budget for at least 3% of the purchase price for your closing costs.
ie: $450,000 x 3% = $13,500
If you are a first time home buyer, this amount will be less as you will qualify for rebates and/or exemptions regarding the Ontario and Toronto land transfer taxes.
1. Provincial land transfer tax
.5% on first $55,000 = $275
plus 1% of the amount from $55,001 to $250,000 =$1950
plus 1.5% of the amount from $250,001 to $400,000 =$2250
Plus 2% of the amount in excess of $400,000 =calculate
First time home buyers are eligible for a rebate up to $2,000 (equivalent to tax payable on a $227,500 property)
2. Toronto land transfer tax
.5% on first $55,000 = $275
plus 1% of the amount from $55,001 to $400,000 =$3450
plus 2% of the amount in excess of $400,000 =calculate
First time home buyers are eligible for a rebate up to $3,725 (equivalent to tax payable on a $400,000 property)
3. Legal Fees including disbursements (title search, tax, building and hydro certificates): approx. $1,300 and up + GST 
