More often than not, you will need to take out a mortgage in order to purchase a home, as a home is a serious investment that should not be taken lightly. However, while taking out a mortgage is a significant investment, there are other costs that you will incur when you purchase a home. For instance, you will also be required to pay mortgage closing costs in order to get the keys to your new home. Here, we will discuss some of the mortgage closing costs that you will be expected to pay in Ontario.


In Ontario, the normal range for mortgage closing costs will be between 2% and 5%. Moreover, before a lender decides to extend a loan for a client, they will need to appraise the value of the home that is being bought. The quintessential scenario is that the purchase price and the verified value will be the same. However, if you decide to ask for more funds for your mortgage than what the property is worth, then you will, in most cases, be expected to bridge the gap yourself or your lender will not agree to the loan terms. As such, you will usually be required to handle the appraisal costs, which will typically run between $350 and $450.


It is highly suggested that you spend the money to have your home thoroughly inspected by a home inspector to identify any problem areas before they become significant issues in the future. In terms of cost, you can expect to pay between $450 and $750 for a professional home inspector to come to your new home and perform a top to bottom inspection.

Legal Fees

In Ontario, it is common to have a real estate lawyer involved in home purchase agreements. For instance, you will need to sign a large amount of documents at the lawyer’s office, and your attorney will also go over all the legal and financial documents to ensure that you are entering into a fair and scrupulous agreement. In fact, your lawyer will likely be the person that will hand over your house keys when all is said and done, and you can expect to pay between $2,500 and $3,500 in the form of legal fees.

Title Search

While title fees are sometimes included as part of the legal fee package, you may need to pay an additional $300 to $450 for title insurance, which will protect you in the event that something in the title is discovered that can influence your transaction, as well as for a title search. Having a title search is paramount, as it will protect you from liens, and other title related problems, and will also ensure that the party that is selling you their priority has the right to do so, legally.

Northwood Mortgage

If you would like to learn about additional mortgage closing costs that you may need to pay, or would like the aid of one of the largest brokerages in the GTA, then please visit our website or give us a call at 888-492-3690.