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:

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

landscaping

redecorating

furnishings

appliances repairs

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