TREVOR BARNETT

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 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  (Federal Goods & Services Tax - new construction only) 
• Property Land & Transfer Tax - 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  see chart below for details
• 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