There are many costs that homebuyers incur. Some of the expenses are one-time costs, while others are recurring.

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 - searching and investigating title, Land Title registration fee
• GST and PST (if applicable)
• Property or Land Transfer Tax
• Adjustments (reimbursed to the vendor) -Property Taxes and Utility Payments
• Strata or Condominium Fees
• Home Inspection Fee
• Survey Certificate Fee (if required)
• Costs of Mortgage including - Appraisal Fee, Application Fee, broker's fee (if applicable), Loan Insurance Premium (if only 5% down), Loan Insurance Application Fee (if only 5% down), legal fees and Land Title Registration fees
• Moving Expenses
• Renovations and repairs
• Service and Utility Hook-up Fees
• Property/Condominium Insurance

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
• Electricity and Gas Services
• Cable and Telephone Services
• Property Taxes
• Strata or Condo Fees
• Repair/maintenance Expenses
• Homeowner's Insurance