First-time homebuyers face big closing costs in Oakville, Milton, Burlington
The most expensive place for first-time homebuyers to close a sale in Ontario is Oakville. And Milton and Burlington aren’t far behind.
That shocking fact was revealed in a report released today by Zoocasa.
The online real estate company took a look at closing date costs, which must be paid upfront in cash and include the down payment, PST on your mortgage loan insurance premium, land transfer tax, legal fees, title insurance and other miscellaneous costs.
Home buyers in Oakville can expect to pay the largest amount on closing day, though this is not surprising as Oakville has one of the highest average home prices in all of Ontario at $1,571,254. That requires a down payment of $314,251 and a final closing bill of $340,151.
After three communities north of Toronto, Milton is fifth on the list, with totals costs of $243,781, one spot ahead of Toronto. Burlington is seventh, at $223,349.
The provincial average is $78,944 and the best deals can be found in Sudbury, at $25,400, and Sault Ste. Marie at $16,538.