What are Your Costs?

  • Closing costs vary and are due at different points in the process. Some like the survey, appraisal, and property inspection are paid immediately upon completion. Others come at final closing.
  • Buying a home involves one-time costs and ongoing monthly expenses.
  • The largest one-time cost is the down payment. It usually represents between 5-25 percent of the total price of the property.
  • In addition to the purchase price, there are a number of other expenses you might be expected to pay. 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

Your costs may also include:

  • Landscaping
  • Redecorating
  • Furnishings
  • Appliances repairs

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

I always discuss these details with my clients at length, but please email me directly for more info.