Closing Date

Learn what a closing date is in Canadian real estate, what happens on that day, and why it’s critical to a successful home purchase or sale.

Closing Date

May 22, 2025


What is a Closing Date?

The closing date is the day on which a real estate transaction is legally finalized and ownership of the property is transferred from the seller to the buyer.

Why Closing Dates Matter in Real Estate

The closing date marks the culmination of a real estate deal. It is specified in the Agreement of Purchase and Sale and is when the buyer pays the remaining balance, and the seller provides legal title and vacant possession of the property.

On this date, lawyers for both parties complete the necessary paperwork, ensure funds are transferred, register the new title, and handle any final adjustments for taxes or utilities. The buyer also receives the keys to the property on or shortly after the closing.

A delayed or missed closing date can have serious consequences, including financial penalties, lost deposits, or even breach of contract. That’s why both parties must ensure financing, inspections, and legal requirements are satisfied well in advance.

For buyers, being prepared for the closing date means having their mortgage finalized, closing costs ready, and legal documents reviewed. For sellers, it means ensuring the property is in agreed-upon condition and that they are ready to vacate.

Example of a Closing Date

A homebuyer in Ottawa agrees to a closing date of August 15. On that day, their lawyer finalizes the mortgage funds, registers the title, and the buyer receives the keys to their new home.

Key Takeaways

  • The day a property officially changes ownership.
  • Legal, financial, and administrative processes are completed.
  • Requires coordination between buyers, sellers, lawyers, and lenders.
  • Missing it can result in penalties or legal action.
  • Preparation is key to a smooth closing.

Related Terms

  • Agreement of Purchase and Sale
  • Deposit
  • Mortgage Funding
  • Title Transfer
  • Closing Costs

Additional Terms

Budgeting

Budgeting in real estate refers to the process of forecasting and managing income and expenses associated with owning, operating, or developing a property.. more

Tenant Improvements

Tenant improvements refer to custom modifications or build-outs made to a leased space to suit the tenant’s operational needs, often negotiated as. more

Highest and Best Use

Highest and best use refers to the reasonably probable use of a property that results in the highest value, provided it is legally permissible,. more

Gross Lease

A gross lease is a commercial lease where the tenant pays a fixed rent, and the landlord covers most or all operating expenses such as property. more

Brownfield

A brownfield is a property that was previously used for industrial or commercial purposes and is now vacant or underused, often requiring. more

Record of Site Condition (RSC)

A Record of Site Condition (RSC) is a formal document filed with a provincial environmental authority certifying that a property meets required. more

More For You

Brookfield Buys Shangri-La Vancouver From Westbank & Peterson, Rebrands It As Hyatt

The 62-storey Shangri-La Vancouver at 1128 W Georgia Street.

The 62-storey Shangri-La Vancouver at 1128 W Georgia Street. / Hyatt

The Shangri-La Vancouver, one of the city's premier downtown hotels, has been acquired by Canadian multinational investment firm Brookfield, STOREYS has learned.

The Shangri-La Vancouver is located within the 62-storey mixed-use complex located between W Georgia Street and Alberni Street along Thurlow Street. The 62-storey tower at the corner houses 119 hotel rooms on the first 15 floors and 307 residences above. The ground level and an adjacent three-storey building houses retail space, including Vancouver Art Gallery - Offsite, an outdoor public exhibition space curated by the Vancouver Art Gallery.

Keep ReadingShow less

Historic Cabbagetown Duplex Offers Canadian Star Quality And Timeless Style

Historic Cabbagetown Duplex Offers Canadian Star Quality And Timeless Style

In the heart of Cabbagetown, on one of the neighbourhood’s most picturesque, tree-lined blocks, this stately Victorian exudes historic charm — with an added touch of Canadian star quality.

Thoughtfully redesigned and maintained by Canadian actress and broadcaster Shauna MacDonald — known for memorable roles in Trailer Park Boys, These Arms of Mine, and This Hour Has 22 Minutes, and for her celebrated tenure as a CBC Radio One announcer — 451 Sackville Street, listed for $1,935,000, offers a rare chance to own a fully restored residence that seamlessly blends architectural heritage, timeless craftsmanship, and contemporary luxury.

Designed as two distinct, self-contained suites, the home is as versatile as it is beautiful — ideal for multigenerational living, rental income, dedicated work-from-home space, or simply an expansive personal residence that exudes unique character and style.

Keep ReadingShow less

4 Major Toronto Development Proposals From June

4 Major Toronto Development Proposals From June
36-40 Avondale Avenue/DIALOG

From Etobicoke to Scarborough, unassuming parcels of land across the Greater Toronto Area are constantly being eyed up and targeted for housing development by the region's (and country's) array of industrious builders and developers. And, as the City sees a steady stream of building applications, STOREYS is right there waiting to sift through architectural plans and planning rationales for the best and biggest (and coolest!) coming up across the region.

Each month brings something different, from affordable housing to multi-tower luxury condos — but here are four stand-out submissions that were on our radar in the month of June.

Keep ReadingShow less

Ontario Real Estate And Development Industry Moves and Hires: June 2025

Ontario Real Estate And Development Industry Moves and Hires: June 2025
Clockwise from top left: Zachary Vaughan, Tony Irwin, Wallace Wang, Shoon Huggett, Gregory Sweeny, Jie Chen.

Like our ever-changing cities and towns, Ontario's real estate and development landscape (and the people who make it run) are also ever-changing. From new hires and retirements to promotions and partnerships, here are all the notable moves you should know about from June.

Development

  • Gregory Sweeney has joined Graywood Developments as COO.
  • Lena Kamenetska has joined Hazelview Investments as Partner, Investor Relations & Account Management.
  • Namit Bhavsar has joined GWL Realty Advisors as VP of Leasing & Marketing, Residential.
  • James Isenberg has joined QuadReal as VP of Human Resources.
  • Oren Jourdan has joined Allied Properties REIT as Director of Construction and Development.
  • Andrew Berndt has joined Lankin Investments as Director of Private Capital Markets.
  • Christian Bulza has joined PwC's Real Estate Advisory Team as Senior Manager of Deals.
  • Brendan Flowers has been promoted to Development Manager at SmartCentres REIT.
  • Chris Wu has joined Peakhill Capital as a Senior Associate, and Daria Savchenko has joined as Associate.
  • Benjamin Tse has joined Forum Asset Management as a Real Estate Investments Associate.
  • Aleksander Sluzynski has joined Crestpoint Real Estate Investments as an Asset Management Analyst.

Brokerages

  • Julian Smith has been promoted to SVP of Climate and Decarbonization Practice Director at JLL Canada.
  • Charles Pint has been promoted to VP of Toronto West at Colliers.
  • Jake MacLachlan has joined Cushman & Wakefield as Senior Analyst of Real Estate Capital Markets, and Charlie Musgrave has joined as a VP at the Toronto office.
  • Jennifer Millar has joined CBRE Toronto as AVP.
  • Lambrini Litsa has been promoted to Director of Marketing Services at Sotheby's International Realty Canada.

Government

  • Shoon Huggett has been promoted to VP of Financial Analysis & Advisory at CreateTO.

Finance

  • Palak Trivedi has been promoted to Managing Director of Infrastructure at CPP Investments.
  • Andrew Athey has joined RBC as Associate Director of Commercial Mortgage Finance & Securitization.
  • Devon Cole has been promoted to Senior Relationship Manager of Real Estate Finance at CIBC.
  • Hassan Tariq has been promoted to Portfolio Manager of Real Estate Investments at Canada Post Pension Plan.
  • Adam Newell has been promoted to VP at Oakbank Capital.

Architecture and Design

  • Jie Chen has been appointed as Chair of DIALOG’s new Ottawa studio, which will officially open this December.

Other

National

  • Tony Irwin has been named President & CEO of the Canadian Federation of Apartment Associations, rebranded Rental Housing Canada. Rental Housing Canada has also appointed its 2025 Board of Directors.
  • Wallace Wang has been named CFO of Bridgemarq Real Estate Services (parent company of Royal LePage), effective July 1.
  • Denis Dubois has been appointed as President and CEO of Desjardins Group.
  • Zachary Vaughan has been appointed CEO of Northwest Healthcare Properties REIT, effective July 2, and is succeeding Craig Mitchell, who has retired.
  • Les Miller, CEO of Crown Realty Partners, retired on June 30 after 23 years, and the firm is now led by the three managing partners.
Sign up for our newsletters for weekly updates on hirings, promotions, and job vacancies. To spotlight a new hire or an open position that needs to be filled, email: advertising@storeys.com.
TRENDING: Ontario Real Estate And Development Industry Hires And Promotions

Ontario Lowers 2026 Rent Cap To 2.1%, Tightest In Four Years

Ontario Lowers 2026 Rent Cap To 2.1%, Tightest In Four Years
Shutterstock

Despite recent rent decreases, including a 3.6% annual dip recorded in May, Ontario remains the priciest province for renters in the country. At the same time, ongoing trade tensions have created economic uncertainty for all Canadians, and those who pay their shelter costs month to month are particularly vulnerable.

Given the precarious backdrop, the Ontario government has opted to cap rent increases at just 2.1% for 2026. At 2.5%, the cap for 2025 constituted a country-wide low and marked the third consecutive year of it being held at that level.

Keep ReadingShow less
IN THE KNOW: Ontario Lowers 2026 Rent Cap To 2.1%, Tightest In Four Years

BC Real Estate And Development Industry Hires And Promotions: June 2025

​Clockwise from top centre: Wing Ng, Zenterra Developments, Nicholas Frappell, Susan Thompson, Rob Blouin, Marcus & Millichap

Clockwise from top centre: Wing Ng, Zenterra Developments, Nicholas Frappell, Susan Thompson, Rob Blouin, Marcus & Millichap

Another month has come and passed, and another group of companies have made some notable hires or promotions, even as the real estate and development industry in British Columbia (and beyond) continues to struggle.

Commercial real estate brokerages Marcus & Millichap made a series of promotions, while Avison Young and Colliers both made two big hires, as did big-name developers like Concert Properties, Wesgroup, and Wesbild.

Keep ReadingShow less

Modern Comfort Meets Tailored Elegance At This Summerhill Classic

Modern Comfort Meets Tailored Elegance At This Summerhill Classic

In the heart of Summerhill, tucked between the quiet prestige of Avenue Road and the urban charm of Yonge Street, sits one of Toronto’s most coveted residential pockets — and at its centre, a home that gets everything right.

Welcome to 137 Marlborough Place, where classic midtown character meets elevated, contemporary design. This 3-bedroom, 2-bath residence was fully renovated in 2017, and now strikes a pitch-perfect balance between comfort, sophistication, and family-friendly function.

Keep ReadingShow less

From Great To Even Greater: Oviedo Properties Announces BridgeCity Redesign

From Great To Even Greater: Oviedo Properties Announces BridgeCity Redesign

In Metro Vancouver’s fast-paced housing landscape, it’s not often you see a developer take a step back, reflect, and re-engage from a place of deep commitment.

That’s what Oviedo Properties is doing with BridgeCity, its large-scale Surrey community that has seen interest from buyers, agents, and the community at large.

Keep ReadingShow less
Privacy PolicyAbout UsTerms of UseAdvertise with UsJobsContact UsRSS Feed
2025 © STOREYS Publishing Inc. | All Rights Reserved