Many Ontario buyers enter the real estate market feeling financially prepared, but that confidence often crumbles at closing when mortgage terms, adjustments and unexpected costs surface.
A survey released by Ownright, a Toronto-based digital real estate legal platform, shows that 97 per cent of recent buyers felt at least somewhat prepared when making a purchase, but many said their confidence plummeted once the paperwork began.
Nearly half (46%) said mortgage terms were the most confusing part of the deal, and 37% reported experiencing moderate to severe financial stress due to unclear or unexpected costs.
The findings indicate that transparency, not just affordability, remains a major barrier. Buyers are increasingly relying on online resources for guidance, with 39% saying they use online research to learn about closing costs and financial requirements, far more than those who learn directly from a real estate agent (21%) or an attorney (25%).
Online resources dominate, although mortgage professionals remain most trustworthy
Ownright’s data highlights the mismatch between where buyers get their information and who they actually trust.
While online resources are the most common source of financial guidance, only 6% of respondents said online information is their most trustworthy source. By comparison, 51% said they trusted their attorney most to ensure financial clarity during closing, followed by 22% who trusted their mortgage lender or advisor.
This disparity can cause confusion, with more than 4 in 10 buyers (41%) saying they need more education on total closing costs, and 29% wanting a clearer breakdown of adjustments such as utilities, taxes and credits.
Another 25% said they wanted better budgeting guidance after closing, and 21% said they wished they had received more advice on managing debt and credit before buying.
Chad Wilson, principal broker at Ideal Mortgage Solutions and a member of the Canadian Council of Mortgage Professionals, said the results mirror what he sees in practice. “Most buyers enter the process with tunnel vision, focusing only on approvals and interest rates,” he told Canadian Mortgage Trends. “After that it’s all about finding the right home. I’m not surprised by the findings.”
Buyer stress peaks as closing paperwork begins
Despite entering the market with financial confidence, many respondents reported increased stress during the closing stages.
16% reported anxiety about interest rates or home values, while 6% said the process drained their finances. Nearly a quarter (24%) wish they asked their agent or lawyer about additional costs beyond the down payment and mortgage before buying, and 17% wish they asked more about what is and is not included in closing costs.
The findings highlight the complexity of mortgage agreements and how easy it is for buyers to feel overwhelmed during the closing process. Wilson said contacting a mortgage professional early in the process can help prevent this from happening.
“Using a mortgage professional early in the process is a very important step in getting the proper education and avoiding statistical averages,” he says. “Mortgage professionals are intimately familiar with the dynamics of a mortgage agreement. We use the knowledge and tools to keep clients informed, right through to closing costs.”
While there are signs that buyer confidence is improving in some Ontario markets, the survey shows a lack of clarity on terms, costs and adjustments still creates friction.
Buyers who feel they are financially prepared often find themselves overwhelmed once the closing process begins, especially if they rely primarily on self-directed online research.
The takeaway, Wilson says, is simple: “It’s the client’s responsibility from the beginning to avoid becoming part of the statistic—take the time and surround yourself with educated professionals.”
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Last modified: December 1, 2025
