Seller Closing Costs in Ontario — The Complete Breakdown for Markham Sellers

When your Markham home sale closes, several costs come due — and understanding these closing costs in advance allows you to plan accurately and know exactly what you will net from your sale. Michael John Lau, a top real estate agent in Markham and CPA/CMA, provides the complete breakdown of seller closing costs in Ontario.

What "Closing Costs" Means for Sellers

Closing costs are the expenses that come due at or around the completion of your home sale. For sellers in Ontario, these costs are deducted from your sale proceeds, determining your net amount. Understanding them in advance is essential for accurate planning. Note that seller closing costs differ from buyer closing costs — buyers face costs like Land Transfer Tax and title insurance that sellers do not. Sellers face their own set of costs, detailed below.

The Seller's Closing Costs in Ontario

Calculating Your Net Proceeds

To calculate your net proceeds, start with your sale price and deduct your closing costs: commission (plus HST), legal fees and disbursements, mortgage discharge fee and any prepayment penalty, property tax and utility adjustments, and any condo status certificate cost. Also account for preparation and staging costs incurred before closing.

The total cost of selling typically ranges from approximately 3% to 6% of the sale price. On the average Markham home, understanding this allows you to know your net proceeds — essential for planning your next purchase or your next steps.

Michael John Lau, a top real estate agent in Markham and CPA/CMA, provides sellers with a detailed, accurate estimate of their closing costs and net proceeds — bringing financial expertise to ensure you understand exactly what your sale will net. Planning your sale with a clear understanding of closing costs allows you to move forward with confidence and avoid surprises at the closing table.

Frequently Asked Questions