Ottawa 
Zoocasa has compiled a list of estimated closing costs for first-time homebuyers in 24 major markets across Ontario.
The real-estate company says the calculations are based on the minimum down payment, including the initial deposit, all land transfer tax rebates for first-time homebuyers, and mortgage default insurance costs rolled into the mortgage.
Zoocasa’s report sees Oakville in the top spot. Oakville has the highest home prices in Ontario, with an average of $1,571,254, a down payment of $314,251, and a final closing bill of $340,151. Richmond Hill, Vaughan, and Markham follow with minimum down payments above $260,000 and closing bills above $280,000.
Credit: Zoocasa
Milton, Toronto, Burlington, Mississauga, Brampton, Whitby, and Ajax have closing costs above Ontario’s average of $78,267.
Smaller Ontario cities like Guelph, Barrie, St. Catharines, and Kingston have average home prices below the $884,700 provincial average, but expenses vary. Guelph’s average home price of $808,200 requires a closing day bill of $68,867, while Kingston’s average home price of $525,100 needs only $34,079.
Northern Ontario offers the most affordable markets, with Sudbury’s $423,400 home price needing a $25,400 final closing bill and Sault Ste. Marie’s $274,100 home price requiring only $16,538 – over $60,000 cheaper than the provincial final closing bill.
The full-service brokerage sourced the benchmark prices from regional real estate boards. The minimum down payment amount is based on the Government of Canada regulations of 5% downpayment for housing prices of $500,000, 5% of $500,000 plus 10 % for the portion of the purchase price above $500,000 for houses priced to $999,999 and 20% for 1 million.
The PST on mortgage insurance premiums in Ontario in 8% and is due on closing day. Eligible first-time buyers in Ontario can receive a Land Transfer Tax rebate for up to $4000.
