Your
DREAM HOME
AWAITS

David MacInnis

(604) 942-0606
(604) 862-8887
david@davidmacinnis.com

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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) 
                     Interest
                     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
 
 
 




 
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