Home Purchase Expenses

Foreword

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

Your largest cost at the beginning is your down payment. As a first-time buyer, this would likely represent only 5 – 10% of the purchase price. However, you should be prepared to pay for additional costs.

One Time Cost

• Legal Fees & Disbursements
• GST and PST (if applicable)
• Property or Land Transfer Tax
  1. Interest
  2. Property Taxes
  3. Utility PaymentsAdjustments (reimbursed to the vendor)
• Strata or Condominium Fees
• Estoppel certificate fee
• Survey Fee
• Home Inspection Fee
• Water quality and quantity certificate
• Appraisal Fee
• Mortgage broker’s fee (if applicable)
• Mortgage Loan Insurance Premium (if less than 25% down)
• Mortgage Loan Insurance Application Fee (if less than 25% 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

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

Continuing Cost

• Mortgage Payment
• Water and/or Sewer Payments
• Electricity and Gas Services
• Cable and Telephone Services
• Property Taxes
• Strata or Condo Fees
• Repair/Maintenance Expenses
• Homeowner’s Insurance

Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis.

* The information provided using this website is only intended to be general summary information to the public. It is not intended to take the place of either the written law or regulations.