Saving for a home is no small feat, and unfortunately, there are plenty of other costs you will need to factor in on top of the home’s purchase price. Closing costs will usually include fees for appraisal, title insurance, mortgage default insurance (for high-ratio mortgages), default insurance sales tax, legal fees, property tax, maintenance fees (condominiums), and land transfer tax. Fortunately, first-time homebuyers get incentives in many provinces. In Ontario, first-time homebuyers may be eligible for a refund of all or part of the provincial land transfer tax. Some cities, like Toronto, also have a Municipal Land Transfer Tax (MLTT), which can add thousands of dollars to your closing costs if you aren’t a first-time purchaser.