Buying a condo in Port Credit is exciting, but the final number you need to bring to closing can surprise you if you have not mapped it out. You want clarity on every line item so you can budget with confidence and avoid last-minute stress. This guide breaks down typical closing costs for Mississauga condo buyers, shows real examples for Port Credit and City Centre price bands, and gives you a printable worksheet to estimate your cash to close. Let’s dive in.
What closing costs include in Port Credit
Mississauga buyers pay the Ontario Land Transfer Tax and standard purchase-related fees. Mississauga does not have a municipal land transfer tax, so you avoid the extra levy charged in Toronto.
Typical closing costs include:
- Ontario Land Transfer Tax (LTT)
- Legal fees and disbursements
- Status certificate and review
- Title insurance
- Closing adjustments for taxes and condo fees
- Mortgage-related costs such as appraisal and prepaid interest
- Optional inspections
- Insurance and moving costs
Ontario Land Transfer Tax basics
You pay the provincial LTT on a sliding scale when you buy in Mississauga. Rates are:
- 0.5% on the first $55,000
- 1.0% on the portion from $55,000 to $250,000
- 1.5% on the portion from $250,000 to $400,000
- 2.0% on the portion from $400,000 to $2,000,000
- 2.5% on amounts over $2,000,000
Ontario offers a first-time homebuyer rebate up to $4,000 if you qualify. Review the full rules on the Government of Ontario’s page for Land Transfer Tax and the first-time buyer rebate.
Key local note: Mississauga buyers pay only the provincial LTT, not a municipal LTT.
Typical condo closing fees and what to expect
Legal fees and disbursements
Your closing lawyer handles title transfer, mortgage registration, title search, and the statement of adjustments. For a condo purchase in Ontario, expect roughly CA$1,000 to CA$2,500 total, which includes legal fees plus disbursements. New construction can cost a bit more due to extra paperwork.
Status certificate and condo documents
For any Ontario condo, you or the seller order the status certificate. The condo corporation charges a fee that is commonly around CA$100 to CA$200. Your lawyer reviews it to confirm the building’s financial health and any known issues. For more on status certificates and buyer guidance, see the Condominium Authority of Ontario.
Title insurance
Lenders usually require a lender title insurance policy, and many buyers also choose an owner policy. Title insurance helps protect against title defects, fraud, liens, and registration errors. For condos, expect a one-time premium in the low hundreds of dollars, often about CA$150 to CA$500 depending on value.
Closing adjustments
Adjustments are prorated amounts such as property taxes and prepaid condo fees. If the seller prepaid fees beyond your closing date, you reimburse them for the post-closing portion. Your lawyer itemizes this on the statement of adjustments.
Mortgage-related costs
- Appraisal: many lenders require one, typically CA$300 to CA$600.
- Mortgage default insurance: required if your down payment is under 20%. Get details from CMHC’s mortgage loan insurance resources. Premiums are usually added to your mortgage rather than paid upfront.
- Interest adjustment: you may prepay interest from your closing date until your first regular payment.
Inspections
A condo home inspection is optional but common. Budget CA$300 to CA$600 depending on the scope.
New construction considerations
New units include HST in the price and may have rebate implications. Tarion warranty paperwork is part of the closing package. For background on Ontario’s new home warranty, see Tarion. Your lawyer and builder will confirm any amounts due.
Insurance and moving
Your lender will require proof of home or condo insurance. First-year premiums often range from about CA$500 to CA$900 for many condo buyers. Add moving costs and any immediate setup expenses to your plan.
Example calculations for local price bands
The samples below show how LTT plus common fees can stack up. LTT amounts are calculated exactly and shown before any first-time buyer rebate. If you qualify for Ontario’s rebate, subtract up to CA$4,000 from the LTT total.
Entry-level Port Credit condo at CA$450,000
Ontario LTT calculation:
- 0.5% on $55,000 = $275
- 1.0% on $195,000 = $1,950
- 1.5% on $150,000 = $2,250
- 2.0% on $50,000 = $1,000
- Total LTT = $5,475
- If first-time buyer eligible: net LTT example = $5,475 − $4,000 = $1,475
Other illustrative costs:
- Legal and disbursements: $1,200
- Status certificate fee and review: $300
- Title insurance: $250
- Appraisal: $400
- Home inspection: $400
- First-year insurance: $600
Sample estimated cash to close, excluding down payment and any mortgage insurance premium: about $4,575 if the first-time buyer rebate applies. Without the rebate, LTT alone is $5,475, so your estimate would be higher.
Move-up Port Credit condo at CA$850,000
Ontario LTT calculation:
- 0.5% on $55,000 = $275
- 1.0% on $195,000 = $1,950
- 1.5% on $150,000 = $2,250
- 2.0% on $450,000 = $9,000
- Total LTT = $12,475
Other illustrative costs:
- Legal and disbursements: $1,500
- Status certificate and review: $350
- Title insurance: $300
- Appraisal: $400
- Home inspection: $400
- First-year insurance: $700
Sample estimated cash to close, excluding down payment: about $16,125.
City Centre Mississauga condo at CA$600,000
Ontario LTT calculation:
- 0.5% on $55,000 = $275
- 1.0% on $195,000 = $1,950
- 1.5% on $150,000 = $2,250
- 2.0% on $200,000 = $4,000
- Total LTT = $8,475
- If eligible for the first-time buyer rebate: net LTT example = $4,475
Other typical costs: legal around $1,200, status and title $350, appraisal $400, inspection $400, insurance $650. Estimated cash to close, excluding down payment, often falls near $7,475 to $8,000 for an eligible first-time buyer.
City Centre upper band at CA$1,200,000
Ontario LTT calculation:
- Base to $400,000 = $4,475
- 2.0% on the next $800,000 = $16,000
- Total LTT = $20,475
Other typical costs: legal $1,500, status and title $400, appraisal $400, inspection $400, insurance $900. Estimated cash to close, excluding down payment, is about $24,075.
Key takeaways from examples
- LTT grows quickly with price and is often the largest closing cost after your down payment.
- The Ontario first-time buyer rebate up to $4,000 can meaningfully reduce LTT, especially at lower price points.
- Legal, status, title insurance, appraisal, inspection, and insurance typically add roughly CA$1,000 to CA$3,000.
- If your down payment is under 20%, mortgage default insurance affects affordability. Premiums can often be added to the mortgage rather than paid in cash at closing.
Budget checklist and strategies
First-time buyers
- Confirm your eligibility for the Ontario first-time buyer rebate using the government’s LTT resource.
- Plan for legal fees, status certificate, title insurance, inspection, and first-year insurance.
- Ask your lender if an appraisal is required and how prepaid interest will be handled.
- Review mortgage loan insurance options through CMHC.
- Keep a buffer for moving costs and minor setup expenses.
Move-up buyers
- Budget for the full LTT, which is often the biggest closing cost.
- If you are selling as you buy, discuss timing and whether bridge financing might be needed with your lender and lawyer.
- Expect slightly higher professional costs if your transaction has added complexity.
Smart steps for every buyer
- Ask your lawyer for a written closing-cost estimate early.
- Order the status certificate early so your lawyer can flag any issues.
- Get title insurance, legal, and inspection quotes so you can refine your numbers.
- Use mortgage and affordability tools from your lender, and review insurance details via CMHC.
Printable closing-cost worksheet
Use this simple worksheet to estimate your cash to close. Print it and fill in your numbers.
Closing-cost estimate worksheet — amounts in CAD
- Purchase price: __________
- Deposit already paid: __________
- Balance of down payment due at closing: __________
- Ontario LTT estimate: __________
- First-time homebuyer rebate (Ontario): __________
- Net LTT after rebate: __________
- Legal fees and disbursements: __________
- Title insurance (owner): __________
- Lender title insurance (if separate): __________
- Status certificate and condo documents: __________
- Home inspection: __________
- Appraisal: __________
- Mortgage default insurance premium: __________ (note if added to mortgage)
- Prepaid interest at closing: __________
- Condo fee adjustments: __________
- Property tax adjustments: __________
- First-year condo and home insurance premium: __________
- Moving costs and immediate setup: __________
- Other fees (specify): __________
- Total estimated closing costs: __________
Tip: Use the Government of Ontario’s Land Transfer Tax information to calculate LTT and confirm first-time buyer rules. For mortgage loan insurance details and tools, review CMHC’s resources. For status certificate guidance, visit the Condominium Authority of Ontario. New-build buyers should review warranty information on Tarion.
What to do next
If you are targeting a Port Credit condo, get a written estimate of your closing costs now, before you write an offer. That way, you can focus your search within a clear budget and move fast when the right unit hits the market. If you are also selling to buy, plan the timing so your funds and closing dates line up cleanly.
Have questions or want a tailored estimate for a specific building or price band? Connect with Todd Armstrong for hyper-local guidance and a clear, data-driven plan for your next move.
FAQs
Does Mississauga charge a municipal land transfer tax?
- No. In Mississauga you pay the Ontario Land Transfer Tax only. Toronto is the city that also charges a municipal LTT.
What is a status certificate for an Ontario condo?
- It is a condo corporation document package that shows financials, rules, and legal matters, and it typically costs about CA$100 to CA$200 to obtain.
How much are legal fees to close a Mississauga condo?
- Typical legal fees plus disbursements for Ontario condo purchases are often CA$1,000 to CA$2,500 in total, depending on the file.
Do first-time buyers in Ontario get an LTT rebate?
- Yes. Eligible first-time buyers can receive up to CA$4,000 off the provincial LTT; review eligibility on the Ontario government’s LTT page.
Do I need mortgage default insurance with under 20 percent down?
- Yes. If your down payment is under 20 percent, mortgage loan insurance is required and the premium is often added to your mortgage.
Are there special costs for new construction condos?
- New construction involves HST considerations and Tarion warranty paperwork; your lawyer and builder will confirm any rebates and final amounts at closing.
