Here are some of the closing costs:

Reserve Fund - Usually equivalent to two months of condo fees, which could be approximately $1200. To help kickstart the reserve fund for the condo.
Miscellaneous Costs including: Utility hookup fees, Tarion Warranty Enrollment Fee, Deposit Administration/Letter Charges, Discharge of Construction Mortgage, Site review by Tarion, Electronic Registration Fee, HST on Appliances - These costs that can add up to approximately $3,000 to $5,000.
Park Levies, Community Improvement Fees, Art and/or Education Levies - When a new space is developed, the developers are required to pay the municipality a certain amount for new park space, community resources or public art projects, if applicable. In turn, this is worked into the buyer’s closing costs. For a unit of our estimated price, this could be up to $6,000.
Development Charges - Approximately $5000-$20,000. CAN BE CAPPED!! This is what you can avoid.
Buyer’s Legal Fees - $1500.
Land Transfer Tax (Municipal) (Provincial) - This is based on purchase price great calculator to find out what you would pay: https://www.ratehub.ca/land-transfer-tax

A bit more on Development Levies:

This is where the biggest change has occurred on closing costs in the last 5 years in Toronto.

5 years ago you would rarely see development charge over $5K.

Today, you never see a charge for less than $5K and they can be as much as $20K or more.

Education Levies. These are levies dedicated specifically for building new schools in the city.

Section 37 levies. These are levies are essentially cash payments (legal bribes) builders can sometimes make to the city in exchange for zoning approvals or extra density. I.e. I will pay you $5m if you let me build 30 storeys instead of 20. Cost is often passed onto buyers who pay their proportionate share.

Public Art Levies. Similar to section 37, the builder agrees to create public art displays in the development in exchange for zoning approvals. The cost of the public art is sometimes passed on to purchasers who pay their proportionate share.

Parks Levies. Similar to education levies, only the money is meant to build new park space in the city.

Other “Municipal Charges”. This is a new one we are starting to see as of 2018. A generic heading which could be anything. The city is broke and they are charging developers millions and these costs are past on to the purchasers.

Important note: Development charges are subject to HST. So if you are paying $10k in development charges really you have to pay $11,130

So what’s the total amount you can expect to pay for development charges when buying a pre-construction condo in Toronto?

As of 2019, expect to pay around $8-$10k for 1 bedrooms or studios, and around $12-18k for 2+ bedrooms.

MAKE SURE TO CAP THE LEVIES WITH THE DEVELOPER WHEN SIGNING THE PAPERWORK!!! THIS CAN SAVE YOU OVER $10,000

YOU CAN ALSO POSSIBLY REDUCE THE DEPOSIT WITH THE DEVELOPER AND GET PERKS. Ask me how: Arty@RealEstateByBike.com