Home Buyer Costs

There are several costs which today's homebuyers will need to consider. First time home buyers will especially need to consider these upon purchasing a first home. Some of the home buying expenses are one-time costs while others are on gong or continuing costs. The main cost at the beginning is a down payment, which represents can represent as low as 5 -10% of the purchase price for a first time home buyer.

 Buyers should be prepared to pay for additional costs, such as:

• Legal Fees & Disbursements
• GST and PST (if applicable)
• Property or Land Transfer Tax
• Adjustments (reimbursed to the vendor)
• Interest
• Property Taxes
• Utility Payments
• 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 only 5% down)
• Mortgage Loan Insurance Application Fee (if only 5% 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

Ongoing-Continuous Costs

• 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