Some of the most common expenses are listed below. These expenses may vary, depending on your area:
At time of application: Mortgage application and appraisal fee, House inspection.
At time of Closing: Legal fees, Legal disbursements, Deed and/or mortgage, registration Property survey (sometimes provided by the seller), Land Transfer Taxes, by province Property tax adjustments, Fuel adjustments, Mortgage Title insurance and Moving Costs.
We will calculate fees you may incur in closing the home so that you know exactly what you will be paying. Having unexpected expenses when moving is something you’ll want to avoid.
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 | TIMING |
| Mortgage Application and Appraisal Fee | At time of application |
| Appraisal Fee | At inspection |
| Property Inspection (optional) | At inspection |
| Legal Fees | Closing |
| Legal Disbursements | Closing |
| Deed and/or mortgage registration | Closing |
| Property Survey (sometimes provided by seller) | When completed |
| Land Transfer, Deed Tax or Property Purchase Tax (in Quebec within 3 months following signing) | Closing |
| Adjustments for Fuel, Taxes, etc. | Closing |
| Mortgage Insurance (and application fee if applicable) | Closing |
| Home and Property Insurance | Closing and ongoing |
| 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
- appliance repairs
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.
