Costs & Typical Expenses

There are many costs that homebuyers incur, especially upon purchasing your home you should expect to pay. 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 , such as 

• Legal Fees & Disbursements
• GST and soon to be HST(if applicable)
• Property or Land Transfer Tax
• Adjustments (reimbursed to the vendor)
• Interest
• Property Taxes
• Utility Payments
• Strata Fees
• Survey Fee
• Estoppel certificate fee
• Home Inspection Fee
• Water quality and quantity certificate (if applicable)
  
• Appraisal Fee
• Mortgage broker's fee (if applaicable)
• Mortgage Application Fee
  
• Mortgage Loan Insurance Premium (if applicable)
• Mortgage Loan Insurance Application Fee (if applicable)
• Moving Expenses
• Renovations and repairs
• Furniture, paint, carpeting, window coverings, etc
• Service and Utility Hook Up Fees
• Property Insurance
• 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
  Property Taxes
• Water and/or Sewer Payment
• Garbage Services
• Electricity and Gas Services