Thinking of buying or selling in the near future?  – 613.255.2128

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. 

Kim Vo

Sales Representative

Direct: 613.255.2128

Office: 613 270 8200

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