What closing costs should first-time buyers expect in Sudbury?
Here are the most common fees you’ll see:
Land Transfer Tax (LTT): Ontario charges this tax on every home purchase, based on the property’s price. First-time buyers may qualify for a rebate of up to $4,000.
Legal Fees: A real estate lawyer is required to finalize the purchase. Expect $1,000–$2,000.
Title Insurance: Protects you from title fraud or ownership disputes, usually $250–$400.
Home Inspection: Not mandatory but highly recommended. Typically $400–$600.
Appraisal Fee: Sometimes required by your lender, around $350–$500.
Adjustments: This covers prepaid property taxes or utilities that the seller has already paid, which you’ll need to reimburse.
Other Miscellaneous Costs: Courier fees, admin fees, and HST (on certain services).
Why is it important to understand closing costs before buying?
Many first-time buyers focus only on their down payment, only to feel stressed on closing day. By planning for these expenses in advance, you’ll avoid surprises and feel more confident moving into your new home.
If you need help with navigating your first-time home buying process, it's best to reach out to a local Sudbury real estate agent, such as Tanya Vanden Berg who can guide you through every step of buying your first home.
