Buyer's Guide
Step 1: Determine what you can afford
Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment and it usually represents between 5% and 25% of the total price of the property.
In addition to the actual purchase price, there are some other expenses which you might be expected to pay for...
Typical One-Time Expenses
| Expense | Paid | Approximate Cost |
|---|---|---|
| Mortgage Application and Appraisal Fee | At time of application | |
| Property Inspection (optional) | At inspection | $350.00-375.00 |
| Legal Fees | Closing | $399.00 - $599.00 |
| Legal Disbursements | Closing | |
| Property Survey (sometimes provided by seller) | Closing | |
| Land Transfer, Deed Tax or Purchase Tax (in Quebec within 3 months following signing) | Closing | 1/2% of first $55,000.00 of mortgage plus 1% of balance |
| Mortgage Interest Adjustment and Take Over Fee (if applicable) | Closing | |
| Adjustments for Fuel, Taxes, etc. | Closing | |
| Mortgage Insurance (an application fee if applicable) | Closing | |
| Home and Property Insurance | Closing and on-going | |
| Moving Expenses | Date of move |
Typical Monthly Costs
- mortgage payments
- maintenance
- insurance
- condo fees (if applicable)
- property taxes
- utilities
See the "What You Can Afford" worksheet to help you estimate the approximate price of a home you can afford.
Step 2: Obtain a pre-approved mortgage ->
