Typical Expenses

There are many costs that homebuyers incur, some of these expenses 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. As a First Time Home Buyer you may qualify for an exemption from property transfer tax if certain requirements are met. However, you should be prepared to pay for additional costs, such as:

  • Legal Fees & Disbursements
  • HST (if applicable)
  • Property or Land Transfer Tax
  • Adjustments (reimbursed to the vendor)
  • Interest
  • Property Taxes
  • Utility Payments
  • Strata or Condominium Fees
  • Survey Fee (if applicable)
  • Home Inspection Fee
  • Appraisal Fee (if applicable)
  • Mortgage broker’s fee (if applicable)
  • Mortgage Loan Insurance Premium (if less than 20% down)
  • Moving Expenses
  • Renovations and repairs
  • Furniture, paint, carpeting, window coverings, etc.
  • Service and Utility Hook-up Fees
  • Property/Condominium Insurance

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