Typical 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:

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

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 and Telephone Services

Property Taxes

Strata or Condo Fees

Repair/maintenance Expenses

Homeowner’s Insurance