There are many associated costs that a homebuyers need to be aware of, especially when you purchase your first home. Some of the expenses related to buying a home are one-time costs, while others are continuing.
Initially, your largest cost outlay is your down payment. Typically, a down payment with be approximately 5% of the agreed to purchase price. If you are new to Canada (non-resident) the downpayment is a minimum of 35%. However, there are some of the additional costs that you should be aware of and be prepared for such as:
- Legal Fees & Disbursements
- GST @ 6% of the Selling Price (new construction only) PST if applicable
- Property Transfer Tax (PTT) = 1% on the first $200,000 & 2% on any remaining balance*
* Provincial Sales Tax - applies to ALL property sales, ask about First Time Buyer Exemption - presently at $ 325,000.
- Adjustments (reimbursed to the vendor)
- Interest
- Property Taxes
- Utility Payments
- Strata or Condominium Fees
- Move in/out fees
- Estoppel certificate fee
- Survey Fee
- Home Inspection fee
- Appraisal fee
- Mortgage Loan Insurance (High Ratio CMHC)
- Moving expenses
- Property or Condominium Insurance
Questions? Call Trevor