Costs Of Buying A Home

In addition to the purchase price there are other costs you should consider when buying a home.

Standard Costs:

  • Deposit (minimum 5%)                                                                                                                                                     *
  • Appraisal Fee (if applicable – $250 to $550 based on purchase price)
  • Status Certificate (if purchasing a condo – approx $100)      mf couple planing where to put things in new house
  • 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.

Additional Costs:

  • 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

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