Here’s what nobody tells you at the open house: the price gets the headlines, but the costs around it decide whether you’re comfortable in that house or house-poor in it.
So let’s put every number on the table — the ones you expect, and the four or five that ambush people on closing day. No surprises is the whole job.
Your down payment. Canada’s minimum is tiered by price — a small percentage on the first band, a bit more on the portion above it, and the full amount once you’re past the insurable ceiling. In our market, that math is friendlier than you’d think.
Put down less than that threshold and you’ll carry mortgage default insurance (CMHC or one of its competitors). That premium — a few percent of the loan — usually gets rolled into your mortgage, so it’s not cash you need at closing, but it is money you’ll pay interest on for years. That’s the honest trade-off for getting in sooner. Sometimes getting in sooner is exactly right. Numbers decide, not slogans.
First-time buyer? You’ve got tools the guide-writers of five years ago never had — the FHSA, a bigger HBP, and in this price range, possibly little or nothing in land transfer tax. That’s a whole section of its own → First-Time Buyer Hub →
These are the ones that surprise people, because you pay them all at once and your mortgage doesn’t absorb them.
Land transfer tax. Ontario charges a tax on the purchase price, on a sliding scale. Here’s the Windsor advantage most buyers don’t know: unlike Toronto, we pay only the provincial tax — there’s no municipal land transfer tax here. And first-time buyers get a rebate that can cover the entire provincial tax on lower-priced homes. In a market like ours, that means a lot of first-time buyers pay little or nothing here. Run your exact number below.
Legal fees. Your lawyer handles the title transfer and the closing paperwork. Budget for their fee plus disbursements — and yes, you want a real estate lawyer, not the cheapest name you can find.
Title insurance. A one-time cost that protects you against ownership disputes and surprises in the property’s history. Not mandatory in Canada, but I’ve seen exactly why it’s worth it.
Home inspection and appraisal. The inspection is for you — it’s how you buy with your eyes open. The appraisal is for your lender — it’s how they confirm the house is worth what you’re paying. Different jobs, both worth understanding before inspection day → Home Inspection Day →
The adjustments. If the seller prepaid property taxes or utilities past your closing date, you reimburse the balance. Small, but it shows up on the final statement, so know it’s coming.
Reading about costs is one thing. Seeing your cost-to-close on your target price is what turns a vague worry into a plan. Tell me the price range and neighbourhood you’re weighing and I’ll build you a real cost-to-close estimate — the same one I’d walk a client through before they write an offer. No cost, no obligation.
Send me the details and I’ll build you a real cost-to-close estimate — the same one I’d walk a client through before they write an offer.
Mike Seal · 226-773-4918 · mikesealsells@gmail.com
Closing costs are everything beyond the purchase price that comes due at closing — and because they land all at once and your mortgage doesn’t absorb them, they’re the ones that ambush people. The main lines: land transfer tax (though first-time buyers here often pay little or nothing after the rebate), your lawyer’s fees and disbursements, title insurance, the inspection and appraisal, and adjustments for anything the seller prepaid. Budget them up front. The worst time to meet a closing cost is on closing day.
A fixed rate holds steady for your term, so your payment is predictable no matter what rates do. A variable rate moves with prime — it can save you money when rates fall and cost you more when they climb. There’s no universally right answer; it’s certainty traded against potential savings, and it depends on how much a moving payment would stress your budget. This one’s a numbers decision, not a gut one — anyone who tells you one is always better is selling, not advising.
You’re charged the provincial land transfer tax, but as a first-time buyer you get a rebate that wipes out the full tax up to a set price. And here’s the Windsor-Essex advantage most buyers don’t know: we pay only the provincial tax — there’s no municipal land transfer tax like Toronto has. In our price range, that means a lot of first-time buyers here pay little or nothing.
Two buckets: your down payment and your cash-to-close (the closing costs above). First-time buyers can stretch the down payment further with the FHSA and Home Buyers’ Plan. The honest answer is that it depends on your price and your situation — so rather than guess, put your number into the calculator and see your real cash-to-close.
