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  How Much Are Closing Costs in Canada There are quite a few measures one needs to take before purchasing a property. Families in Canada need to come up with a minimum of 5% down-payment or more. But that isn’t all there is to it. There are various closing costs that most families fail to consider that are known as closing costs, and they can end up being a lot down the line for a family that isn’t prepared for them. Budgeting For Closing Costs It isn’t the end of the world, of course! There are several ways you can budget for closing costs. By default, you should have a minimum of 1.5% of your house's value as part of closing costs. Suppose you have your eyes set on a home that costs $300,000 in Canada. You must have saved up at least $4,500 in funds to pay closing costs. Without having saved this amount, likely, you will not qualify for an insured mortgage. In the circumstances that you are buying and selling a property at the same ti