Closing Tally

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Buyer closing costs on a $1 million home: Toronto vs Vancouver vs Quebec compared

The same $1,000,000 resale home bought in Toronto, Vancouver and a Quebec municipality, with land transfer tax, legal or notary fees and first-time buyer relief worked out.

Updated · 4 min read

Buyer closing costs on a $1 million home: Toronto vs Vancouver vs Quebec compared

On a $1,000,000 resale home, a repeat buyer pays $32,950 in land transfer taxes in Toronto, $18,000 in property transfer tax in Vancouver, and about $13,110 in transfer duties in a Quebec municipality that uses only the basic provincial brackets (more in Montreal, which applies higher upper brackets). For a qualifying first-time buyer, Toronto falls to $24,475, Vancouver stays at $18,000 because the price is above BC's $860,000 limit, and Quebec has no provincial first-time buyer exemption. Legal or notary fees, title insurance, inspection and adjustments add a few thousand dollars in each city.

This worked example belongs to the closing costs checklist group. Rates are those published for 2026 by Ontario, Toronto and BC, and the 2026 Quebec thresholds; all other figures are illustrative.

The scenario

  • Purchase price: $1,000,000, resale semi-detached house
  • Buyers: a couple, both Canadian citizens
  • Down payment: 20% ($200,000), so no mortgage default insurance
  • Closing: autumn 2026

Step 1: land transfer tax in each city

Toronto (Ontario LTT + MLTT)

  • Ontario LTT: $4,475 + 2% x ($1,000,000 - $400,000) = $16,475
  • Toronto MLTT: same brackets up to $3,000,000 = $16,475
  • Total: $32,950

Vancouver (BC property transfer tax)

  • 1% x $200,000 = $2,000
  • 2% x $800,000 = $16,000
  • Total: $18,000

Quebec municipality using the basic brackets (2026 thresholds)

  • 0.5% x $62,900 = $314.50
  • 1% x $252,100 = $2,521.00
  • 1.5% x $685,000 = $10,275.00
  • Total: $13,110.50

The thresholds are indexed every year. Many municipalities apply up to 3% on the part above $500,000: with a 3% rate, the bill becomes $314.50 + $2,521 + 1.5% x $185,000 ($2,775) + 3% x $500,000 ($15,000) = $20,610.50. Montreal applies its own upper brackets. Check your municipality's table before relying on this line.

Step 2: the full closing budget

ItemTorontoVancouverQuebec
Land transfer tax / transfer duties$32,950$18,000$13,110.50
Legal or notary fees, disbursements, title insurance (quote)$2,500$2,300$2,200
Home inspection (quote)$600$600$650
Property tax adjustment (illustrative)$1,100$800$900
MLTT administration fee plus HSTabout $116——
Totalabout $37,266$21,700about $16,860.50

Toronto's figure is more than twice Quebec's on the same price, almost entirely because Toronto buyers pay two land transfer taxes. The Quebec duties arrive as a separate municipal bill after closing, so they are easy to forget when you count cash for closing day.

Step 3: if the buyers are first-time buyers

CityReliefTax after relief
TorontoOntario refund up to $4,000; Toronto rebate up to $4,475$32,950 - $8,475 = $24,475
VancouverNo relief: the BC first-time buyer exemption ends at $860,000 fair market value$18,000
QuebecNo general provincial exemption; check for a municipal program$13,110.50

Now change one fact: the Vancouver home is newly built, bought from the developer. The BC newly built home exemption is full up to $1,100,000 for Canadian citizens and permanent residents who will live in the home, so PTT falls to $0. As first-time buyers they could also recover the full $50,000 of GST through the First-Time Home Buyers' GST Rebate. A new home changes the whole comparison, which is worked through in new build vs resale tax math.

Step 4: at a lower price

At $750,000, the BC first-time exemption applies in full:

CityRepeat buyerFirst-time buyer
Toronto$11,475 + $11,475 = $22,950$7,475 + $7,000 = $14,475
Vancouver$2,000 + 2% x $550,000 = $13,000$13,000 - $8,000 = $5,000
Quebec (basic brackets)$2,835.50 + 1.5% x $435,000 = $9,360.50$9,360.50

Toronto first-time buyer: Ontario $11,475 - $4,000 = $7,475; MLTT $11,475 - $4,475 = $7,000.

How to redo this for your purchase

  1. Find your bracket and constants in the land transfer tax calculator.
  2. Check first-time buyer rules in Ontario and Toronto, BC or Quebec.
  3. Ask two lawyers or notaries for written quotes.
  4. Add adjustments, inspection and moving from the closing costs checklist.

Frequently asked questions

Why is Toronto so much more expensive?

Toronto is the only city in Ontario with its own municipal land transfer tax, charged on top of the provincial tax with the same brackets up to $3,000,000.

Does Quebec's welcome tax depend on the city?

Yes. The province sets basic brackets, but municipalities can set higher rates above certain thresholds, and Montreal does.

Are these taxes due on closing day?

In Toronto and Vancouver, yes, through your lawyer or notary. In Quebec, the municipality bills you after registration.

Would a 10% down payment change the comparison?

Yes. Mortgage default insurance would be required, and provincial sales tax on the premium is payable in cash in Ontario and Quebec, but not in BC. Note that insured mortgages are not available on homes priced at $1.5 million or more.

Sources

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