September 1, 2017

Purchasing a home will likely be the largest transaction you will ever make in your lifetime. Aside from the down-payment (which ranges from 5%-20% for most buyers) there are other costs to consider.


These other expenses can range from an additional 2%-4% of the purchase price. These may include the following, but are not limited to:

- Legal Fees, Disbursements + Land Transfer Tax

- Home Inspection Fee

- GST and PST (typically only on new builds // if applicable)

- Property taxes and adjustments (reimbursed to the vendor)

- Interest on interim financing, if any

- Service & utility hook up fees + payments

- Condominium Fees (if applicable)

- Appraisal Fee (some lenders pay this; check with your bank)

- Mortgage broker's fee (if applicable)

- Mortgage Loan Insurance Premium (if less than 20% down)

- Mortgage Loan Insurance Application Fee (if less than 20% down)

- Moving Expenses

- Renovations and repairs

- Furniture, paint, carpeting, window coverings, etc.

- Landscaping, garage, etc.

- Property/Condominium Insurance




Remember, 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

- Utility payments

- Property Taxes

- Condo Fees (if applicable)

- Repair/Maintenance Expenses

- Homeowner's Insurance




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