Buying A Home

Are You Thinking about Buying a Property?

Have you been thinking about buying a property, but don't quite know what to expect, or what your costs will be? 
Purchasing a home involves a one-time cost, and subsequent monthly expenses.  The largest one-time cost is the down-payment, which usually represents between 5-25% of the total price of the property. Typically, monthly costs incurred with home ownership are mortgage payments, insurance costs, condo fees, property taxes, and utilities.

Typical Expenses

In addition to the actual purchase price, there are a number of other expenses that you might incur, including:

Mortgage Application and Appraisal FeeAt time of application
Appraisal FeeAt inspection
Property Inspection (optional)At inspection
Legal FeesClosing
Legal DisbursementsClosing
Deed and/or Mortgage RegistrationClosing
Property Survey (sometimes provided by seller)When completed
Land Transfer, Deed Tax or Property Purchase Tax
(in Quebec within 3 months following signing)
Mortgage Interest Adjustment and Take Over Fee (if applicable)Closing
Adjustments for Fuel, Taxes, etc.Closing
Mortgage Insurance (and application fee if applicable)Closing
Home and Property InsuranceClosing and on-going
Connection Charges for Utilities such as Gas, Water and Electricity Date of move
Moving ExpensesDate of move

Other additional costs may include landscaping, redecorating, furnishings, appliance repairs, etc.