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If you need help determining what you can afford, use these calculators
Purchasing a home involves one-time costs and monthly expenses.
The largest one-time cost is the down payment and it usually represents between 5% to 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:
Typical One-Time Expenses
| EXPENSE |
PAID |
|
Mortgage Application
and Appraisal Fee |
At time of application |
|
Appraisal Fee |
At inspection |
|
Property Inspection (optional) |
Closing |
|
Legal Fees |
Closing |
|
Legal Disbursements |
Closing |
|
Deed and/or mortgage registration |
Closing |
|
Property Survey
(sometimes provided by seller) |
Closing |
|
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 Insurance |
Closing and on-going |
|
Connection charges for utilities
such as gas, water and electricity |
Date of move |
|
Moving Expenses |
Date of move |
Other costs may include landscaping, redecorating, furnishings, appliances and repairs.
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities. |