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Total Vaughan Home Buying Costs ($1,300,000 Home)
Buying a home in Vaughan 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 Vaughan in 2025. These are approximate figures — your actual costs will vary.
Land Transfer Tax (Ontario Only — No Toronto LTT)
Ontario LTT (gross)$22,475
First-Time Buyer Ontario Rebate-$4,000
Net LTT (first-time buyer)$18,475
Vaughan is in York Region — NOT the City of Toronto. You pay Ontario LTT only. Toronto buyers at this price would pay an additional ~$23,400 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
$26,075 – $41,075
For first-time buyers on a $1,300,000 Vaughan home (excludes mortgage insurance)
Key Vaughan Buyer Tips for 2025
- No Toronto LTT: Vaughan 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 Vaughan'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
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FAQ
How much should I budget for closing costs in Vaughan?
On a $1,300,000 Vaughan home, budget approximately $26,075–$41,075 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 Vaughan?
No. Vaughan is in York Region — buyers pay Ontario provincial LTT only. This saves Vaughan buyers approximately $23,400 compared to purchasing a similar-priced home inside Toronto's city limits.
What is the best bank for saving a down payment for a Vaughan 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.