Before buying a home, know the various fees and taxes involved with purchasing property. Some expenses are one-time costs, while others are recurring.

At the start, your most significant cost is your down payment. As a first-time buyer, this represents approximately 5 - 10% of the purchase price. However, there are additional costs, such as:

• Legal fees & disbursements: searching and investigating title, land title registration fee
• HST and/or GST and PST (where 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)
• Mortgage costs, 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

After the purchase of your home, there are additional monthly, quarterly and yearly expenses, including:

• Mortgage payment
• Electricity and gas services
• Cable and telephone services
• Property taxes
• Strata or condo fees
• Repair/maintenance expenses
• Homeowner's insurance

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