What It Will Really Cost to Own a Home?
A quick rule of thumb, any home buyer can expect to pay from 1.5% - 4.0% of the purchase price of their home in closing costs.
Here are a list of expenses and some of them are optional:
Cost of Home
Purchase Price
GST (on new/significantly refurbished homes)
Upfront Costs
Appraisal fee $250 - $400
Down Payment and Deposit
Estoppel certificate fee (for condominium/strata unit)
Home Inspection $300 - $450
Land Transfer Tax
Legal fees and disbursements ($700 - $1200)
Mortgage broker's fees
Mortgage loan insurance premium (can be included in your mortgage)
Prepaid property taxes/utility bills
Property insurance
Survey or certificate of location cost
Title Insurance (do NOT neglect this one!)
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