Must-Know Mortgage Closing Costs for Canadian Homebuyers

Closing costs are fees you will need to pay when your mortgage transaction closes. Some fees are required whenever a real estate property changes hands, while others only come into play when financing an exchange with a mortgage. 

For example, closing fees in Canada range from 1.5% to 4% of the house value. As such, closing costs for a $500,000 house could range from $7,500 to $20,000 based on the variables at play.

Most of the closing costs are paid by the buyer, but in some cases, for example, a negative outcome on a home inspection, the seller could also incur additional expenses.