There are a number of 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 fees', 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
• Property Land & Transfer Tax  (PTT) - 1% on the first $200,000   2% on any remaining balance *First Time Buyers are exempt from this tax on purchases upto $ 425,000. Above that figure, the full amount is applicable.
• HST - Harmonized Sales Tax (Combines the 7% Provincial Sales Tax (PST) with the Federal 5% GST into one 12% harmonized sales tax (HST) effective as of July 1, 2010.  As a rule of thumb, the GST rules that did apply to residential property will also be applicable under the HST. Note: HST is applicable to NEW HOME SALES, but DOES NOT apply to re-sale homes. You may be eligable for a provincial New Housing Rebate IF your purchase is your primary residence. Buyers of new homes will be eligable for a rebate of 71.43% of the provincial portion (7% of the HST's 12%) of the HST paid on new homes upto a maximum rebate of $26,250. Home prices at more than $525,000 will be eligable for a flat rebate of $26,250. Before purchasing a New Home, I would urge you to consult with your accountant for a complete understanding of your obligations. 
• 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