Additional costs to consider when purchasing a home


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.

Down Payment:

5% or more.
In some cases a 10% down payment is required depending on the Buyers employment, income and credit history.

Other Costs:
Processing a Mortgage → Apprasial & Application Fee $235.00 approx. For lender purposes & CMHC insurance.
Mortgages Life Insurance → Optional
Pre-Approved for a mortgage → Get approved by a Mortgage Broker, Lender (Bank) or Trust Company.
Buyer Incentives → OHOSP– Ontario Home Ownership Savings Plan. If opened before December 31st 1993, you receive a Tax Rebate for Land Transfer Tax.

Down Payment: 5% down for Buyers.

RRSP Monies: Can be used for Down Payment, up to $20,000 for each individual involved in the purchase.

Home Inspection → $ 350.00-400.00 (approx). Highly recommended for both resale and new construction.
Legal Fees Disbursements →

May vary ($200-$600)
Sub-Search of Title
Water & Sewage Certificate
Status Certificate
Register the Deed
Title Insurance
Title Search
Tax Certificate
Hydro Certificate
Register the Mortgage
Plus standard office disbursements including, photocopies, postage, courier services, fax charges (as applicable).

Statement of Adjustments →Given to the Buyer upon Closing This is a summary of all costs and expenses paid by the Buyer(s) and will be provided to the Buyer(s) upon closing.
Land Transfer Tax → Applies to all transfers of land in Ontario.First-time homebuyers may be eligible for a refund of all or part of the tax. For transfers where:

the agreement of purchase and sale was entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale.
the agreement of purchase and sale was entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home.

Survey →

Applications for a refund must be made within 18 months after the date of the transfer.