Start Saving for Your Richmond Hill Home
Use code 45ET55JSYA · 3% savings with EQ Bank · No-fee account with KOHO
Total Richmond Hill Home Buying Costs ($1,200,000 Home)
Buying a home in Richmond Hill involves more than just the purchase price. Here is a complete breakdown of all the closing costs and upfront fees you should budget for when purchasing a home in Richmond Hill in 2025. These are approximate figures — your actual costs will vary.
Land Transfer Tax (Ontario Only — No Toronto LTT)
Ontario LTT (gross)$20,475
First-Time Buyer Ontario Rebate-$4,000
Net LTT (first-time buyer)$16,475
Richmond Hill is in York Region — NOT the City of Toronto. You pay Ontario LTT only. Toronto buyers at this price would pay an additional ~$21,600 in municipal LTT on top.
Professional Fees & Inspections
Real Estate Lawyer (closing)$1,500 – $2,500
Home Inspection$450 – $600
Property Appraisal (if required)$350 – $600
Title Insurance$250 – $500
Insurance & Setup
Home Insurance (first year)$1,200 – $2,000
Moving Costs$1,500 – $5,000
Utility Setup & Deposits$200 – $500
Immediate Repairs/Updates$1,000 – $100+
Mortgage Costs (If Applicable)
CMHC Mortgage Insurance (under 20% down)2.8% – 4.0% of mortgage
Mortgage Broker Fee (if used)Often $0 (lender paid)
Interest Rate Adjustment at ClosingVaries
Estimated Total Closing Costs
$24,075 – $39,075
For first-time buyers on a $1,200,000 Richmond Hill home (excludes mortgage insurance)
Key Richmond Hill Buyer Tips for 2025
- No Toronto LTT: Richmond Hill buyers pay Ontario LTT only, saving thousands vs. buying in Toronto
- Ontario FTB Rebate: First-time buyers can claim up to $4,000 in Ontario LTT rebate at closing
- Hire a lawyer early: Your real estate lawyer handles LTT, title, and closing — budget $1,500–$2,500
- Home inspection matters: In Richmond Hill's competitive market, include an inspection condition when possible
- Save your down payment: EQ Bank's 3% savings rate is the best for growing your down payment fund
Free Banking for Richmond Hill Residents
Whether you're commuting to Toronto or working locally in Richmond Hill, KOHO's no-fee account with cash back saves you money every day. Use code 45ET55JSYA for a sign-up bonus.
Get KOHO Free — Use Code 45ET55JSYA
FAQ
How much should I budget for closing costs in Richmond Hill?
On a $1,200,000 Richmond Hill home, budget approximately $24,075–$39,075 in total closing costs as a first-time buyer. This includes Ontario LTT (after rebate), legal fees, inspection, insurance, and moving. Non-first-time buyers should budget an additional $4,000 for LTT.
Is there a Toronto municipal land transfer tax in Richmond Hill?
No. Richmond Hill is in York Region — buyers pay Ontario provincial LTT only. This saves Richmond Hill buyers approximately $21,600 compared to purchasing a similar-priced home inside Toronto's city limits.
What is the best bank for saving a down payment for a Richmond Hill home?
EQ Bank pays 3% on everyday savings with no monthly fees — the best rate for building a down payment. KOHO (code 45ET55JSYA) is the best no-fee chequing account for everyday spending while saving. Both are digital and require no branch visits.
Disclaimer: All cost estimates are approximate for 2025. Your actual costs will vary. Consult a licensed Ontario real estate lawyer for exact closing costs before purchasing.