How Ready Are You for Closing Costs?

Discover your true preparedness for closing costs in Canada. This quick quiz reveals whether you're financially ready for the hidden expenses most homebuyers overlook. In just a few minutes, you'll get a personalized assessment of your closing cost readiness and actionable next steps to avoid costly surprises during your property purchase.

When you think about buying a home in Canada, what have you budgeted for?

Just the down payment—I haven't thought much beyond that Down payment and mortgage payments, but closing costs seem like a separate issue Down payment, mortgage, and I know closing costs exist but haven't calculated them I've researched my province's closing costs and built them into my budget with a contingency buffer

How much do you know about the breakdown of closing costs in your province?

I have no idea what's included—it all seems like one mysterious fee I know there are legal fees and taxes involved, but I'm fuzzy on the details I understand legal fees, inspections, and appraisals are involved, but I'm not sure about provincial variations I know my province's land transfer tax rate, what's mandatory vs. optional, and have researched multiple lawyer quotes

If your home inspection revealed issues, how prepared would you be financially?

I'm planning to skip the inspection to save money I'll do an inspection but haven't budgeted for potential repair negotiations or additional inspections I've budgeted for the inspection and have some savings for minor repair negotiations I've budgeted for inspection, additional inspections if needed, and potential repair costs or credits

What's your current understanding of mortgage insurance and how it affects closing costs?

I don't know what mortgage insurance is or why it matters I've heard of it but don't understand how it impacts my closing costs I know it's required if my down payment is less than 20%, but I'm unsure of the exact cost I understand mortgage insurance costs 2-4% of my mortgage amount if down payment is under 20% and have calculated this into my budget