What are your costs?
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:
| EXPENSE | PAID |
| Mortgage Application and Appraisal Fee | At time of application |
| Appraisal Fee | At inspection |
| Property Inspection (optional) | At inspection |
| Legal Fees | Closing |
| Legal Disbursements | Closing |
| Deed and/or mortgage registration | Closing |
| Property Survey (sometimes provided by seller) | When completed |
| Land Transfer, Deed Tax or Property Purchase Tax (in Quebec within 3 months following signing) | Closing |
| Mortgage Interest Adjustment and Take Over Fee (if applicable) | Closing |
| Adjustments for Fuel, Taxes, etc. | Closing |
| Mortgage Insurance (and application fee if applicable) | Closing |
| 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 |
Other Costs may include:
- landscaping
- redecorating
- furnishings
- appliances
- repairs
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.
Toronto Real Estate Board (TRREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested