Ownright survey reveals 4 in 10 Ontarians hit with unexpected costs when closing on a home

Summary: In an Ownright survey of 250 Ontarians who closed a home since 2023, 4 in 10 were hit with unexpected or unclear costs at closing even though 97% felt financially stable going in. Nearly half (46%) found mortgage terms the most stressful part, and 39% leaned on online research over their lawyer or agent to understand closing finances. The takeaway: in 2026, confidence and clarity, not just affordability, decide whether buyers move forward.

After years of whiplash in Canada's housing market, many buyers are tired. Prices are slowly coming down from their peak and interest rates have stabilized, so on paper conditions look more reasonable. And yet home sales remain sluggish. Between October 23 and November 10, 2025, we surveyed 250 Ontarians who have closed a home with Ownright since 2023 to understand what surprised them and what could be keeping would-be buyers on the sidelines. What we found is that the mental weight of an unclear, overwhelming process is holding people back as much as price. The future of homebuying will be shaped by how confident people feel moving through it.

What did the survey find about closing costs?

The headline finding is a confidence gap: buyers feel financially ready but are blindsided by the cost and complexity of closing. Most of the stress clusters around understanding total costs, the final adjustments, and what to budget for after the purchase.

These are predictable parts of nearly every transaction. In e-commerce or travel, the same information would be surfaced early and clearly. In real estate it is too often bundled together, explained late, or buried in legal language, so routine line items become sources of anxiety. Our guide to the costs involved in a real estate transaction and our statement of adjustments explainer break these down before closing day.

Why does feeling financially ready not prevent the stress?

Most buyers enter the market confident and still get caught off guard, because affording a home and understanding what you are agreeing to are two different things. Confidence built on saving a down payment or qualifying for a mortgage tends to falter when the dense legal language and late-arriving line items arrive.

In fact, 97% of Ontarians said they felt financially stable when they bought: 56% described their position as strong and another 41% as stable, though stretched. But that confidence did not always survive the paperwork. Nearly half (46%) said mortgage terms were the most confusing or stressful part of the entire process, and 37% experienced moderate to significant financial stress due to unexpected or unclear closing costs. It is a kind of confidence illusion: the numbers make sense until the fine print arrives.

Why does the stress continue after closing day?

For many Ontarians, unease lingers well after the keys change hands. While 51% said they feel confident in their financial footing after closing, the rest described a more fragile reality, and many wished they had asked more questions sooner.

• 16% feel uneasy about interest rates or home values affecting their finances.

• 6% say the process drained their finances more than expected.

• 37% still report moderate to significant stress tied to unexpected or unclear costs.

• 24% wish they had asked their agent or lawyer about costs beyond the down payment and mortgage.

• 17% wish they had clarified what was, and was not, included in closing costs.

Perhaps most telling, 21% say the experience made them more motivated to plan financially after buying, suggesting the true scope of the commitment only became clear once it was already behind them. For the biggest purchase of most people's lives, that realization is coming far too late.

Where do buyers turn when the process is unclear?

When timely explanations from professionals are missing, buyers fill the gap themselves. Nearly four in ten (39%) said online research, including ChatGPT and Google, was their primary source for understanding the financial side of closing, ahead of both lawyers and real estate agents, even though they do not consider it the most reliable source.

• Only 6% say online sources or social media are their most trusted source of information.

• 51% say their lawyer is the most trusted source for clear, reliable financial information.

• 22% say mortgage lenders or advisors are their most trusted source.

Despite that trust, only 25% learned about the financial aspects of closing directly from their lawyer, and just 21% from their real estate agent. The disconnect is about timing: buyers trust professionals, but critical information often arrives late, buried in documents or explained only after decisions are effectively made. Understanding what a real estate lawyer actually does earlier in the process helps close that gap.

Why will transparency define the next era of homebuying?

As Ontario looks toward 2026, affordability will always be part of the conversation, but this data suggests conviction matters just as much. People are exhausted, and not only by home prices: Canadian families could pay $1,000 more for groceries in 2026, and young Canadians report some of the lowest happiness levels on record. The question many are asking is not can I buy? but should I?

In that environment, uncertainty carries more weight than ever, and transparency becomes the difference between waiting and acting. Buyers who feel informed are more likely to move forward, because clarity restores a sense of control. That raises the bar for real estate lawyers and agents: their value increasingly lies in interpretation, helping clients understand not just what the documents say but what the numbers mean for them. As buyers grow used to instant answers from AI and search, timely, plain-language communication shifts from a differentiator to an expectation. In 2026, the buyers who move forward will be the ones who feel supported, prepared, and able to trust the path in front of them. For first-time buyers, our complete guide for first-time home buyers in Ontario lays out the full picture in plain language.

Frequently asked questions

What are the most common unexpected costs when closing on a home in Ontario?

In our survey, the costs that most surprised buyers were the final closing adjustments (utilities, property taxes, and credits prorated between buyer and seller), legal fees and disbursements, and the timing and purpose of the deposit. None are unusual; they are simply explained late or bundled together, which is why 41% wanted more education on total closing costs.

How many buyers are caught off guard by closing costs?

About 4 in 10. In the survey, 37% reported moderate to significant financial stress from unexpected or unclear closing costs, and 41% said buyers need more education to understand total closing costs, even though 97% felt financially stable when they bought.

What part of closing do buyers find most stressful?

Mortgage terms. Nearly half of buyers (46%) named mortgage terms the most confusing or stressful part of the entire process, ahead of other closing steps. Dense legal language and lender conditions that appear late in the process are the common thread.

Where do homebuyers get their information about closing costs?

Increasingly, online. Nearly four in ten buyers (39%) said online research, including ChatGPT and Google, was their primary source for the financial side of closing, ahead of both lawyers and agents, even though only 6% consider online sources their most trusted information.

How can buyers avoid surprise costs at closing?

Ask about total costs early, before firming up an offer, and have your lawyer walk you through the statement of adjustments, legal fees, disbursements, and deposit timing in plain language. Reviewing a closing-costs breakdown up front turns late-stage surprises into expected line items.

About the author

Joel Fox is a co-founder and COO at Ownright. He helps run the firm's day-to-day work on Ontario residential closings, refinances, and sales, and writes regularly to demystify the parts of a transaction that most homeowners only encounter once or twice in their lives.

At Ownright, we make Ontario real estate closings simple, transparent, and fully supported, pairing a digital platform with licensed Ontario lawyers across purchases, sales, refinances, and status certificate reviews. You can start your closing online or get in touch with any questions.

Important note: This article is for general information only and is not legal or financial advice. Survey figures reflect Ownright's October–November 2025 survey of 250 Ontarian clients and may not represent all buyers. No one should act, or refrain from acting, based solely on the information in this post or any linked materials without first seeking appropriate professional advice.