Buying one of the beautiful Friday Harbour condos for sale is a dream for many. But before you get the keys to your new waterfront escape, it’s important to understand what closing costs come with it. These are the final expenses due before you officially become the owner. Let’s break it down into simple steps so you know exactly what to expect—and what to budget for.
What Are Closing Costs?
Closing costs are the fees and taxes you pay on top of your down payment and mortgage. These costs vary depending on the property, location, and services involved. For Friday Harbour condos, here’s a clear look at what Ontario buyers should prepare for.
Typical Friday Harbour Condo Closing Costs
Here are the most common closing costs you’ll encounter:
- Land Transfer Tax
Ontario charges a land transfer tax based on the purchase price. For example, a $700,000 condo may have a land transfer tax of around $10,475. Use an Ontario condo purchase tax calculator to get an accurate estimate. - Real Estate Lawyer Fees
A lawyer is needed to review documents, handle payments, and register your new ownership. Real estate lawyer fees for condo purchase in Ontario typically range from $1,200 to $2,000.
“Having a trusted real estate lawyer by your side ensures your transaction is protected and stress-free,” says Karin Rotem. - Title Insurance
This protects you against future property ownership issues. Cost: about $250–$500. - Home Inspection (Optional but Recommended)
Even with a condo, it’s a good idea. This might cost $300–$500. - Condo Status Certificate
This document shows the financial and legal health of the condo corporation. Expect to pay about $100–$150. - Prepaid Condo Fees and Adjustments
If the seller has prepaid maintenance fees, you’ll reimburse them from your closing statement. This varies based on the monthly condo maintenance fees. - CMHC Insurance (if applicable)
If your down payment is under 20%, mortgage insurance is required and may be added to your mortgage or paid upfront. - Appraisal Fees (if required by your lender)
Some lenders will ask for an appraisal to confirm the value of the condo. This can cost around $350–$500.
How Much Should You Budget for Closing Costs?
As a rule of thumb, plan for about 1.5% to 4% of your condo’s purchase price. So if you’re buying a condo for $750,000, expect closing costs to be between $11,250 and $30,000.
Karin Rotem shares, “Many buyers focus on the sticker price and forget about closing costs. But knowing the full financial picture helps avoid surprises on closing day.”
Buyer’s Checklist for Friday Harbour Condo Closing Costs
✔ Use an Ontario condo tax calculator to estimate land transfer tax
✔ Get a quote for real estate lawyer fees for condo purchase in Ontario
✔ Ask for a status certificate early in the buying process
✔ Budget for title insurance, inspections, and lender requirements
✔ Check if your lender needs an appraisal
✔ Review any Friday Harbour condo maintenance fees or prepaid utilities
✔ Prepare funds in advance to avoid delays on closing day
Tips for Managing Closing Costs
- Get a written estimate from your lawyer
- Work with an experienced agent who can walk you through each cost
- Ask your lender to break down mortgage-related fees upfront
“At The Harbour, I make sure my clients are prepared every step of the way—from booking viewings to reviewing the final statement of adjustments,” says Karin Rotem. “That way, nothing is left to guesswork.”
Ready to Buy Your Friday Harbour Condo?
If you’re ready to explore Friday Harbour condos for sale and want to understand all your costs before making an offer, I’m here to help.
→ Schedule your condo buying consultation today
→ Get your custom Friday Harbour condo closing cost estimate
→ Download your buyer’s checklist for Friday Harbour condos
Let’s make sure your dream waterfront home comes with no surprises—just smooth sailing.
