• Purchasing a home involves one-time costs and monthly expenses.
  • The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
  • In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed below:

EXPENSE

PAID
Mortgage Application and Appraisal FeeAt time of application
Appraisal FeeAt inspection
Property Inspection (optional)At inspection
Legal FeesClosing
Legal DisbursementsClosing
Deed and/or mortgage registrationClosing
Property Survey
(sometimes provided by seller)		When completed
Land Transfer, Deed Tax or Property
Purchase Tax (in Quebec within 3 months following signing)		Closing
Mortgage
Interest Adjustment and
Take Over Fee (if applicable)		Closing
Adjustments for Fuel, Taxes, etc.Closing
Mortgage Insurance
(and application fee if applicable)		Closing
Home and Property InsuranceClosing and on-going
Connection charges for utilities
such as gas, water and electricity		Date of move
Moving ExpensesDate of move
Other Costs may include:

  • landscaping
  • redecorating
  • furnishings
  • appliances
  • repairs

Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.