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 less than 25% down)
- Mortgage Loan
Insurance Application Fee (if less than 25% 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