Mortgage Closing FAQs
What actually happens between approval and keys-in-hand: the full closing-cost breakdown, provincial and municipal land transfer tax, title insurance, and the documents lenders require at funding.
7 FAQs in this category.
Why is Title Insurance now preferred over a Land Survey?
Title insurance costs $250–$500 with same-day turnaround, while surveys cost $1,000–$2,000 and take 2–4 weeks — and only title insurance covers fraud and closing-gap risk.
What are the common exclusions in a 2026 title policy?
It does NOT cover environmental issues (e.g., oil tanks), issues you knew about before buying, or changes you make to the boundary after the policy is issued.
Is a 'Real Property Report' (RPR) still needed in Alberta?
An RPR is still requested by some Alberta lenders, but title insurance ($300, instant) is now the default substitute for most residential transactions.
How do OSFI 2026 B-10 guidelines impact title searches?
Lenders must perform 'Due Diligence' to ensure the property is unencumbered.
What closing costs should I expect as a buyer in Canada?
Budget 1.5%–4% of the purchase price for closing costs beyond your down payment. The biggest items are land transfer tax, legal fees, and title insurance. First-time buyers often qualify for rebates on land transfer tax.
What is a Statement of Adjustments and what does it show?
The Statement of Adjustments is the financial reconciliation document prepared by your real estate lawyer showing every dollar exchanged at closing — purchase price, deposit credit, prorated taxes, condo fees, and the final amount you owe.
How does HST/GST work on new construction at closing in Canada?
New homes attract GST/HST (5% federal + provincial component). As of March 12, 2026, eligible first-time buyers can recover up to $50,000 of federal GST under the new First-Time Home Buyers' GST/HST Rebate (Bill C-4) on new builds up to $1M. Non-FTHBs continue to claim the legacy New Housing Rebate (~$6,300 max on homes under $450K). In Ontario, a separate temporary measure rebates up to $80,000 of the 8% provincial portion — stacking with the federal program for combined relief of up to ~$130,000 for FTHBs.