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