Land transfer tax. Legal fees. Title insurance. Adjustments. Every buyer asks the same question once an offer is accepted — "what else do I owe?" Here's the honest, itemized answer, from a team with a CPA background.
Mortgage pre-approvals tell you what you can borrow — not what you need in hand on closing day. Buyers who budget only for a down payment are routinely short by thousands.
Ontario charges provincial land transfer tax on every resale and pre-construction purchase, calculated on a marginal-rate scale — it's rarely the flat percentage buyers assume.
Unlike Toronto, Markham buyers pay provincial land transfer tax only — no matching municipal tax layered on top. That alone can mean thousands in savings on a comparable home.
Real estate lawyer fees, disbursements, and title insurance are quoted differently firm to firm. We help you get an apples-to-apples comparison before you commit.
Michael's CPA/CMA background means our buyers get a true, itemized cost-of-ownership model before they write an offer — not a rough estimate after the fact.
Every cost a Markham buyer should budget for, beyond the down payment — with realistic ranges for a typical resale purchase.
Charged on a sliding scale of the purchase price. First-time buyers can claim a rebate of up to $4,000, which offsets or eliminates the tax on lower-priced homes.
Covers your real estate lawyer's fee for title search, closing documents, mortgage registration, and government registration charges.
A one-time premium protecting you against title defects, fraud, or survey issues — typically arranged through your lawyer.
Optional but strongly recommended on resale purchases. We coordinate trusted inspectors and walk the report with you.
Some lenders require an independent appraisal to confirm the property's value before finalizing your mortgage.
You reimburse the seller for prepaid property tax, and sometimes utilities, calculated pro-rata to your closing date.
Pre-construction buyers pay Tarion enrolment costs plus builder-specific closing adjustments — HST considerations, development levies, and utility hookups.
Movers, utility connection fees, and locksmith or security changes — easy to forget, real on your first month's budget.
Added to your mortgage principal (not usually paid at closing in cash), but it changes your monthly carrying cost — we model it in your pre-approval planning.
Want these numbers run against a specific property you're considering?
Call (647) 370-8885The closing cost conversation looks different depending on what kind of home you're buying in Markham.
Closing cost guidance isn't a separate service — it's part of how we work with every buyer client, at no extra charge.
A full CPA-built estimate covering land transfer tax, legal fees, and carrying costs before you offer.
A vetted network of Markham real estate lawyers and mortgage professionals with transparent, competitive fee quotes.
Trusted inspectors booked on your timeline, with help interpreting what the findings actually mean for your budget.
We flag first-time buyer land transfer tax rebate eligibility early, so it's factored into your offer strategy.
We liaise with your lawyer and the seller's team so nothing about your closing costs is a surprise on possession day.
Every question about fees, adjustments, or timing answered within 24 hours — usually much faster.
"Michael walked us through every fee before we even made an offer — land transfer tax, legal costs, all of it. Nothing on closing day caught us off guard."
"As first-time buyers we had no idea what closing costs even meant. Michael and Neeraj broke it down in plain terms and made sure we budgeted correctly."
"Their CPA background really showed. We got an actual spreadsheet of our expected costs, not a vague verbal estimate. Made planning so much easier."
| What You Get | Typical Agent | Kaizen Real Estate |
|---|---|---|
| General Estimate of Closing Costs | ✓ | ✓ |
| Itemized, CPA-Level Cost Model | ✗ | ✓ |
| First-Time Buyer Rebate Check | ✗ | ✓ |
| Vetted Lawyer & Lender Referrals | ✗ | ✓ |
| Resale vs. Pre-Con Cost Comparison | ✗ | ✓ |
| Costs Modelled Before You Offer | ✗ | ✓ |
| Closing Day Coordination | ✗ | ✓ |
| 24-Hour Response Guarantee | ✗ | ✓ |
As a general rule of thumb, budget 1.5%–4% of the purchase price on top of your down payment for a resale home — covering land transfer tax, legal fees, title insurance, and adjustments. We build you a specific, itemized number once you have a property in mind.
No. Toronto is the only municipality in Ontario that layers an additional municipal land transfer tax on top of the provincial tax. Markham buyers pay the Ontario provincial land transfer tax only, which can mean a meaningful savings versus a comparable purchase in Toronto.
Ontario offers a rebate of up to $4,000 off provincial land transfer tax for eligible first-time buyers, which can eliminate the tax entirely on lower-priced homes. Eligibility depends on citizenship/residency status, prior home ownership, and spousal ownership history — we review this with you early so it's factored into your budget.
Yes. Pre-construction purchases can involve development levies, utility hookup charges, Tarion warranty enrolment fees, and potential HST considerations that resale purchases don't have — and land transfer tax is typically deferred until final closing rather than paid at interim occupancy. We walk through these separately from resale costs.
Most closing costs — land transfer tax, legal fees, title insurance, and adjustments — are due on your closing date, paid through your lawyer as part of the final funds transfer. Costs like home inspection and appraisal fees are typically paid earlier, during your conditional period.
Yes — once you've identified a property and price range, we build you an itemized, CPA-level cost model covering every line item above, so you know your true out-of-pocket number before you commit to an offer, not after.
Have a more specific question?
(647) 370-8885Michael is a licensed REALTOR® with a decade of experience in Markham and York Region. His CPA/CMA background means every closing cost estimate he gives buyers is a modelled number — not a rough guess.
Neeraj is a trusted REALTOR® and co-founder of the Kaizen Real Estate Team, known for making complex financial details clear and approachable for buyers at every price point.
One call is all it takes to get a clear, itemized picture of what buying in Markham will actually cost you — land transfer tax, legal fees, and everything in between.