In addition to the purchase price there are other costs you should consider when buying a home.
- Deposit (minimum 5%) *
- Appraisal Fee (if applicable – $250 to $550 based on purchase price)
- Status Certificate (if purchasing a condo – approx $100)
- Mortgage Insurance Application Fee (when required)
- Mortgage Insurance Premium, which can be added to your mortgage amount
- Legal Fees and Expenses
- Land Transfer Tax (.05% to 2% based on purchase price)
- Title Insurance ($350 to $750 approximately based on purchase price)
- CMHC Fees (if deposit is less than 25% down
- CMHC Insurance (0.05% to 2.75% depending on ratio of value / loan – this can be added to your mortgage and financed over the term of your mortgage) closing)
- PST, payable on services upon closing
- Real Estate Fees (in some cases)
- HST, if not included in the purchase price
- Property Taxes
- Home Insurance Premium: (property must be insured in order to get a mortgage)
- Home Inspection: ($400 to $800 based on purchase price)
- Survey (up-to-date – $800)
- Service Contracts (that you may have assumed such as: security, lawn care etc.)
- Condo Fees (when purchasing a condo) These fees could be for common areas and or various utilities – each Condo Corporation is different.
NOTE: If you currently own a home there may be discharge fees. This fee could equal to a few mortgage payments or a percentage of what the balance of interest owed on the mortgage would be.
- Moving Expenses
- Utility Hook-ups
- Appliances for Your Home
- Furniture and Window Coverings
- Maintenance Equipment; lawn mower, etc.
- Any urgent repairs and unforeseen expenses
Updated June 2017