- 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 |
PAID |
| 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 |
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
- repairs
Typical monthly costs incurred with home ownership are mortgage
payments,
maintenance, insurance, condo fees, property taxes and utilities.
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