Your down payment isn't the only cash you'll need. Here's the complete, up-to-date breakdown of every closing cost Ottawa buyers should budget for in 2026 — and how much to set aside.
Most Ottawa buyers budget carefully for their down payment — and then get blindsided at closing. The truth is that closing costs typically add 1.5% to 4% of the purchase price on top of your down payment. On a $700,000 home, that's anywhere from $10,500 to $28,000 in additional cash. Here's exactly what those costs are, so nothing catches you off guard.
On a $700K Ottawa home (first-time buyers get a rebate)
Lawyer, title search, and disbursements
Highly recommended before you waive conditions
Protects against title defects and fraud
Required by lenders to confirm market value
Property tax, utility and prepaid cost adjustments
In Ontario, land transfer tax is calculated on a tiered scale based on your purchase price, with additional Toronto-specific taxes that don't apply in Ottawa. As a general guide, expect roughly 1.5% of the purchase price — but the tiered structure means it's not perfectly linear.
First-time home buyers in Ontario can claim a land transfer tax rebate of up to $4,000, which can dramatically reduce — or in some cases nearly eliminate — this cost on more affordable homes.
| Purchase Price | Est. Closing Costs | First-Time Buyer |
|---|---|---|
| $500,000 | $9,000 – $15,000 | ~$5,000 – $11,000 |
| $700,000 | $12,000 – $20,000 | ~$8,000 – $16,000 |
| $900,000 | $16,000 – $26,000 | ~$12,000 – $22,000 |
| $1,200,000 | $22,000 – $36,000 | ~$18,000 – $32,000 |
Every transaction is different. These ranges are a planning guide — your actual costs depend on your lender, lawyer, and property. I always recommend buyers set aside at least 2% of the purchase price in cash for closing, on top of the down payment.
Every buyer's numbers are different. Let's review your budget, target price, and timeline so you know exactly what to expect at closing.
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