| Home Purchase Expenses
There are many costs that homebuyers incur, especially upon purchasing your first home that you should expect to pay. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.
Your largest cost at the beginning is your down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. However, you should be prepared to pay for additional costs, such as:
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Legal Fees & Disbursements
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GST and PST (if applicable)
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Property or Land Transfer Tax
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Adjustments (reimbursed to the vendor)
Interest
Property Taxes
Utility Payments
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Strata or Condominium Fees
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Estoppel certificate fee
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Survey Fee
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Home Inspection Fee
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Water quality and quantity certificate
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Appraisal Fee
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Mortgage broker's fee (if applicable)
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Mortgage Loan Insurance Premium (if less than 25% down)
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Mortgage Loan Insurance Application Fee (if less than 25% down)
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Moving Expenses
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Renovations and repairs
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Furniture, paint, carpeting, window coverings, etc.
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Service and Utility Hook-up Fees
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Property/Condominium Insurance
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Mortgage Application Fee
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Deed and/or Mortgage Registration Fee
Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs include:
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Mortgage Payment
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Water and/or Sewer Payments
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Electricity and Gas Services
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Cable and Telephone Services
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Property Taxes
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Strata or Condo Fees
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Repair/maintenance Expenses
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Homeowner's Insurance
Information from RE/MAX Western Canada
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