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