Real Estate Search Process

Home Purchase Expenses

There are many costs that homebuyers incur, especially upon purchasing your first home. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.

Your largest outlay is the down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. Be prepared to pay for additional costs, such as:

• Legal Fees & Disbursements
• GST and PST (if applicable)
• Land Transfer Tax
• Property taxes and adjustments (reimbursed to the vendor)
• Interest on interim financing, if any
• Utility Payments
• Condominium Fees
• Home Inspection Fee
• Water quality and quantity certificate
• Appraisal Fee
• Mortgage broker's fee (if applicable)
• Mortgage Loan Insurance Premium (if less than 20% down)
• Mortgage Loan Insurance Application Fee (if less than 20% down)
• Moving Expenses
• Renovations and repairs
• Furniture, paint, carpeting, window coverings, etc.
• Service and Utility Hook-up Fees
• Property/Condominium Insurance
• Mortgage Application Fee
• Deed and/or Mortgage Registration Fee
• Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs include:
• Mortgage Payment
• Water and/or Sewer Payments
• Electricity and Gas Services
• Cable, Telephone and Internet Services
• Property Taxes
• Strata or Condo Fees
• Repair/Maintenance Expenses
• Homeowner's Insurance