There are many costs that homebuyers 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 & Disbursements
• GST and PST (if applicable)
• Property or Land Transfer Tax - The bank will sometimes assume this fee
• Adjustments (reimbursed to the vendor)
  • Interest
  • 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 less than 25% down)
• Mortgage Loan Insurance Application Fee (if less than 25% down)
• Moving Expenses
• Renovations and repairs
• Furniture, paint, carpeting, window coverings, etc.
• Service and Utility Hook-up Fees
• Property/Condominium Insurance
• Mortgage Application Fee - The bank will sometimes assume this 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

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