Purchasing a home involves one-time costs and monthly expenses.

The largest one-time cost is the down payment and it usually represents between 5% to 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:

Typical One-Time Expenses

EXPENSE PAID

Mortgage Application and Appraisal Fee

At time of application

Inspection Fee

At inspection

Property Inspection (optional)

Closing

Legal Fees

Closing

Legal Disbursements

Closing

Deed and/or mortgage registration

Closing

Property Survey (sometimes provided by seller)

Closing

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 and repairs.

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