Buyers Guide

What Can I Afford?

There are two types of costs in buying a home — the initial amount you will need for your purchase and the ongoing costs of paying back your mortgage along with monthly operating costs. The largest one-time cost is the down payment. It usually represents 5-10% of the total price of the property.
Typical One-time Expenses:
  • Mortgage application and appraisal fee
  • Property inspection (optional), due at time of inspection
  • Legal fees, due at the time of closing
  • Legal disbursements, due at the time of closing
  • Property survey (sometimes provided by seller), due at the time of closing
  • Land transfer, deed tax or property purchase tax, due at the time of closing.(in Quebec within three months following signing)
  • Mortgage interest adjustment (if applicable), due at the time of closing
  • Home and property insurance, at closing and ongoing
  • Moving expenses, due on the date of move
  • PST on High Ratio mortgages
  • Realty Tax Holdback

Typical Monthly Expenses:

  • Mortgage payments
  • Maintenance (this could be condominium fees, or allocated maintenance fees)
  • Property and content insurance
  • Property taxes
  • Utilities
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