Costs to Buy a Property

There are a number of additional costs associated with buying a home that you should be aware of prior to making your purchase. Essentially, you need money for your mortgage and money for your down payment and other costs.

The mortgage money is given to you by your bank or credit union. It is a loan to cover the cost of the property.

The non-mortgage money contains your down payment and the other costs associated with buying a home. You generally do not get this covered in your mortgage money but it is good to speak with your bank or mortgage broker.

A good rule of thumb is to put aside between 1 to 4% of the purchase price of your home (along with your down payment) in order to be ready for a home purchase.

Here is a sample of costs associated with buying a home:

    • Property Transfer Tax
    • Mortgage Loan Insurance and Application Fee
    • Appraisal
    • Survey Fee
    • Home Inspection Fee
    • Legal Fees
    • Disbursements to Land Title Office
    • GST
    • Prepaid property taxes, utilities bills, strata fees
    • Other expenses to consider include:
    • Moving expenses
    • Homeowner's insurance
    • Property Tax
    • Strata/Condominium Fees
    • Utility/cable/phone expenses
    • Possible bridging of rents/ mortgages if possession dates do not line up properly


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