Many Ontario buyers enter the housing market feeling financially ready, but that confidence often unravels at closing when mortgage terms, adjustments and unexpected costs surface.

A full 97% of recent buyers felt at least somewhat prepared at the time of purchase, yet many said their confidence dropped sharply once the paperwork began, according to the results of a survey published by Toronto-based digital real estate law platform Ownright.

Nearly half (46%) said mortgage terms were the most confusing part of closing, and 37% reported moderate to significant financial stress due to unclear or unexpected costs.

The findings indicate transparency, not just affordability, remains a major hurdle. Buyers increasingly rely on online sources for guidance, with 39% saying they used online research to understand closing costs and financial requirements, far more than those who learned directly from their real estate agent (21%) or lawyer (25%).

Online sources dominate, even though mortgage professionals remain most trusted

Ownright’s data highlights a mismatch between where buyers get their information and who they actually trust. While online sources were the most common source of financial guidance, only 6% of respondents said online information was their most trusted source. By contrast, 51% said they trust their lawyer most for financial clarity during closing, followed by 22% who trust mortgage lenders or advisers.

This gap may be contributing to confusion, with more than four in 10 buyers (41%) saying they need more education on total closing costs and 29% wanting clearer breakdowns of adjustments such as utilities, taxes and credits.

Another 25% said they need better budgeting guidance after closing, and 21% said they wished they’d received more advice on managing debt and credit before buying.

Chad Wilson, Principal Broker at Ideal Mortgage Solutions and Mortgage Professionals Canada board member, says the results reflect what he sees in practice. “Most buyers go into the process with tunnel vision, focusing solely on approval and rate,” he told Canadian Mortgage Trends. “Everything after that tends to be about finding a suitable home. I’m not surprised by the survey results.”

Buyer stress peaks when the closing paperwork begins

Despite entering the market with financial confidence, many respondents said stress increased during the closing stage. Sixteen percent reported anxiety related to interest rates or home values, while 6% said the process drained their finances. Nearly one in four (24%) wished they had asked their agent or lawyer about additional costs beyond the down payment and mortgage before buying, and 17% wished they had asked more about what is and isn’t included in closing costs.

The findings underline how complex mortgage agreements can be and how easily buyers can feel overwhelmed during closing. Wilson says that connecting with a mortgage professional earlier in the process can help prevent that.

“Using a mortgage professional early in the process is a very important step to getting properly educated and avoiding the statistical average,” he said. “Mortgage pros are well versed in the dynamics of mortgage agreements. We deploy knowledge and tools to keep clients informed—right down to the closing costs.”

Even with signs of improved buyer confidence in parts of the Ontario market, the survey suggests that lack of clarity around terms, costs and adjustments continues to create friction. Buyers who feel financially ready often find themselves overwhelmed once the closing process begins, especially if they rely primarily on self-directed online research.

Wilson says the takeaway is straightforward: “The onus is on the client from the outset to avoid becoming part of the statistic—put the time in and surround yourself with educated professionals.”

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Last modified: December 1, 2025