There are many costs that home buyers incur, especially upon purchasing your first home that you should expect to pay. 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 and disbursements
  • GST and PST (if applicable)
  • Property and land transfer tax
  • Adjustments (reimbursed to the vendor)
    • Interest
    • Property taxes
    • Utility payments
  • Strat 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 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


First Time Buyers / Make an Offer / Costs / Home Inspection / Legal / Mortgage / Zero Down Payment