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MENUMENU
  • BUY
  • SELL
  • RENT
  • MENU
    • Home
    • About
    • Listings
      • Featured
      • Search MLS Listings
    • Guides
      • Buyers
        • Buying a Home
        • Making an Offer
        • First Time Home Buyers
        • Closing Day
        • Costs
      • Sellers
        • Preparing your Home
        • Listing Your Home
        • What you'll Need
        • Accepting Offers
        • Closing the Sale
      • Leasing
      • Financing
        • Down Payment
        • Your Credit
        • Know What You Can Afford
        • Getting Pre-Approved
    • Toronto
      • Whose Job Is It?
      • Neighbourhoods
        • Downtown Toronto
        • Midtown Toronto
        • Uptown Toronto
        • West Toronto
        • East Toronto
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        • Etobicoke
        • Scarborough
      • Restaurants
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Buying a Home Making an Offer First Time Home Buyers Closing Day Closing Costs

Closing Costs
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When you buy a home, you will be asked for a down payment, usually between 5 and 25% of the total price of the property. You might also have a number of other fees and expenses to pay.

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.

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BUYING A HOME

Buying a Home

Making an Offer

First Time Home Buyers

Closing Day

Closing Costs

SELLING YOUR HOME

Preparing Your Home

Listing Your Home

What You’ll Need

Accepting Offers

Closing the Sale

FINANCING

Down Payment

Your Credit

Know What You Can Afford

Getting Pre-Approved

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Ian Mehisto Toronto Real Estate Agent $70,000-$27,500,000 Ian Mehisto
Sales Representative

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154 Bathurst Street
Toronto, Ontario
M5V 2R3
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