Homebuyers in British Columbia face the highest closing costs in the country, with an average of over $90K. This is significantly higher than what buyers in other provinces, including Alberta, pay. In contrast, Ontario buyers outside of Toronto pay around $79K in closing costs.
Closing costs can add up quickly and include expenses such as land transfer taxes, home insurance, and legal fees. These costs can be a significant burden for homebuyers, especially those who are already stretching their budgets to afford a down payment.
For Calgary buyers, the lower closing costs are a welcome relief. With the average home price in Calgary being lower than in other major Canadian cities, buyers here may find it easier to afford a home. However, it's still important for buyers to factor in all the costs of homeownership, including closing costs, to ensure they're making an informed decision.
Sources: Zoocasa