David MacInnis

(604) 942-0606
(604) 862-8887

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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:
    • Legal Fees & Disbursements
    • GST and PST (if applicable)
    • Property or Land Transfer Tax
    • Adjustments (reimbursed to the vendor) 
                     Property Taxes
                     Utility Payments
    • Strata or Condominium Fees
    • Estoppel certificate fee
    • Survey Fee
    • Home Inspection Fee
    • Water quality and quantity certificate
    • Appraisal Fee
    • Mortgage broker's fee (if applicable)
    • Mortgage Loan Insurance Premium (if less than 25% down)
    • Mortgage Loan Insurance Application Fee (if less than 25% down)
    • Moving Expenses
    • Renovations and repairs
    • Furniture, paint, carpeting, window coverings, etc.
    • Service and Utility Hook-up Fees
    • Property/Condominium Insurance
    • Mortgage Application Fee
    • 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:
    • Mortgage Payment
    • Water and/or Sewer Payments
    • Electricity and Gas Services
    • Cable and Telephone Services
    • Property Taxes
    • Strata or Condo Fees
    • Repair/maintenance Expenses
    • Homeowner's Insurance

Information from RE/MAX Western Canada

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.