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:
1. Mortgage application and appraisal fee
2. Property inspection (optional), due at time of inspection
3. Legal fees, due at the time of closing
4. Legal disbursements, due at the time of closing
5. Property survey (sometimes provided by seller), due at the time of closing
6. Land transfer, deed tax or property purchase tax, due at the time of closing.(in Quebec within three months following signing)
7. Mortgage interest adjustment (if applicable), due at the time of closing
8. Home and property insurance, at closing and ongoing
9. Moving expenses, due on the date of move
10. PST on High Ratio mortgages
11.Realty Tax Holdback
Typical Monthly Expenses:
1. Mortgage payments
2. Maintenance (this could be condominium fees, or allocated maintenance fees)
