Home Buying Costs

  1. Deposit
  2. Down Payment
  3. Mortgage Loan Insurance
  4. Land Transfer Tax
  5. Appraisal Fee, Property Survey & Misc.
  6. Home Inspection
  7. Property Insurance
  8. Mortgage Life Insurance
  9. Legal Fees
  10. Title Insurance
  11. Moving Expenses and Services Connections

Appraisal Fee

When you apply for a mortgage, usually the mortgage lender will require an appraisal. They want to make sure that the house is worth what you are paying for it. In some cases, the appraised value for the home is quite different than the asking price.

In the event that you default on your mortgage payments, the bank will want to know that it did not lend out more than what the house was worth. It also protects the buyer from overpaying. In the event that the lender needs to foreclose on the property, they will want to be able to recover the whole loan amount plus costs. Your Real Estate agent can refer you to an appraiser and advise you as to how much to expect to pay for an appraisal fee

Approximate Cost: $150 - $200

One-time Cost

Property Survey

A survey indicates the boundaries and measurements of the land and positions of major structures, and any registered or visible easements (such as a driveway) or encroachments (such as a neighbour's fence) on the property. Property Surveys are not always required or requested so please read the fine print of your Purchase and Sale Agreement. They can be the responsibility of the Seller or Buyer depending on the agreement.

Approximate Cost: $750 - $1000 One-time Cost

Condominium Maintenance Fees

Condos charge monthly fees for common area maintenance such as grounds keeping and carpet cleaning in hallways. Costs will vary depending on the building.

Local Improvements

If the town you live in has made local improvements (such as the addition of sewers or sidewalks), this could impact a property’s taxes by thousands of dollars.

Water Quality and Quantity Certification

If the home you purchased is serviced by a well, you should consider having your water checked by your local experts.Depending where you live will determine whether or not a fee is charged, to certify the quality and quantity of the water.