Home Buying Expenses

There are many costs that homebuyers incur, especially upon purchasing your first home that
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:

1. Legal Fees & Disbursements
2. HST or GST and PST (if applicable)
3. Property or Land Transfer Tax
4. Adjustments (reimbursed to the vendor): Interest, Property Taxes and Utility Payments
5. Strata or Condominium Fees
6. Estoppel certificate fee
7. Survey Fee
8. Home Inspection Fee
9. Water quality and quantity certificate
10. Appraisal Fee
11. Mortgage broker's fee (if applicable)
12. Mortgage Loan Insurance Premium (if only 5% down)
13. Mortgage Loan Insurance Application Fee (if only 5% down)
14. Moving Expenses
15. Renovations and repairs
16. Furniture, paint, carpeting, window coverings, etc.
17. Service and Utility Hook-up Fees
18. Property/Condominium Insurance
19. Mortgage Application Fee
20. 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:

1. Mortgage Payment
2. Water and/or Sewer Payments
3. Electricity and Gas Services
4. Cable and Telephone Services
5. Property Taxes
6. Strata or Condo Fees
7. Repair/maintenance Expenses
8. Homeowner's Insurance