There are many costs that home buyers incur, especially upon purchasing your first home that you should expect to pay. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.

Your largest cost at the beginning is your down payment. As a first time buyer, this would likely represent only 5 - 10% of the purchase price. However, you should be prepared to pay for additional costs, such as;Legal fees and disbursements

• GST and PST (if applicable)
• Property and land transfer tax
• Adjustments (reimbursed to the vendor)
  • Interest
  • Property taxes
  • Utility payments
• Strat or condominium fees
• Estoppel certificate fee
• Survey fee
• Home Inspection fee
• Water quality and quantity certificate
• Appraisal fee
• Mortgage broker's fee (if applicable)
• Mortgage loan insurance premium (if only 5% down)
• Mortgage loan insurance application fee (if only 5% down)
• Moving expenses
• Renovations and repairs
• Furniture, paint, carpeting, window coverings, etc.
• Service and utility hook-up fees
• Property/condominium insurance
• Mortgage application fee
• Deed and/or mortgage registration fee

Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs include:

• Mortgage payment
• Water and/or sewer payments
• Electricity and gas services
• Cable and telephone services
• Property taxes
• Strata or condo fees
• Repair/ maintenance expenses
• Homeowner's insurance

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First Time Buyers / Make an Offer / Costs / Home Inspection / Legal / Mortgage / Zero Down Payment