What are your costs?
- Purchasing a home involves one-time costs and monthly expenses.
- The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property.
- In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed below:
|Mortgage Application and Appraisal Fee||At time of application|
|Appraisal Fee||At inspection|
|Property Inspection (optional)||At inspection|
|Deed and/or Mortgage Registration||Closing|
(sometimes provided by seller)
|Land Transfer, Deed Tax or Property
Purchase Tax (in Quebec within 3 months following signing)
|Mortgage Interest Adjustment and
Take Over Fee (if applicable)
|Adjustments for Fuel, Taxes, etc.||Closing|
(and application fee if applicable)
|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 include:
- Appliances repairs
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.