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Marie-Claude Germain

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Home Purchase Expenses

There are many costs that homebuyers incur especially when purchasing your first home. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.

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

  • GST and PST (if applicable)

  • Property or Land Transfer Tax

  • Property Taxes

  • Utility Payments

  • Strata or Condominium Fees

  • Estoppel certificate fee

  • Survey Fee

  • Home Inspection Fee

  • Water quality and quantity certificate

  • Appraisal Fee

  • Mortgage broker's fee (if applicable)

  • Mortgage Loan Insurance Premium (if only 5% down)

  • Mortgage Loan Insurance Application Fee (if only 5% down)

  • Moving Expenses

  • Renovations and repairs

  • Furniture, paint, carpeting, window coverings, etc.

  • Service and Utility Hook-up Fees

  • Property/Condominium Insurance

  • Mortgage Application Fee

  • Deed and/or Mortgage Registration Fee



Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs may include:


  • Mortgage Payment

  • Water and/or Sewer Payments

  • Electricity and Gas Services

  • Cable and Telephone Services

  • Property Taxes

  • Strata or Condo Fees

  • Repair/maintenance Expenses

  • Homeowner's Insurance


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