There are many associated costs that a homebuyers potentially incur, especially when you purchase your first home. Some of the expenses related to buying a home are one-time costs, while others are continuing.
Initially, your largest cost outlay is your down payment. Typically, a down payment with be approximately 5% of the agreed to purchase price. However, there are some of the additional costs that you should be aware of and be prepared for such as:
- Legal Fees & Disbursements
- GST (new construction only) PST if applicable
- Property Land & Transfer Tax - 1% on the first $200,000 2% on any remaining balance
- Adjustments (reimbursed to the vendor)
- Interest
- Property Taxes
- Utility Payments
- Strata or Condominium Fees
- Move in/out fees
- Estoppel certificate fee
- Survey Fee
- Home Inspection fee
- Appraisal fee
- Mortgage Loan Insurance (High Ratio CMHC)
- Moving expenses
- Property or Condominium Insurance
Questions? Call Trevor