Typical Expenses When Buying a Home


There are many costs that homebuyers will encounter when purchasing their first home.  Some of the expenses are related to buying a home and are one-time costs, while others are continuing costs.

The largest cost will be your down payment.  As a first time home buyer, this would likely represent approx. 5 - 10% of the purchase price. However, you should be prepared to pay additional costs as follows:

  • Legal Fees & Disbursements - Lawyers/notaries’ fees vary according to the complexity of the real estate transaction. Strata and leasehold properties are more complex. Fees may vary from $700 for a simple transaction to $1500. GST and HST (if applicable)
  • Property or Land Transfer Tax - 1% on the first $200,000 and 2% on the balance. First time buyers may be exempt from paying this tax if the purchase price in the Vancouver and Fraser Valley areas does not exceed $425,000. Adjustments (reimbursed to the vendor)
  • Interest
  • Property Taxes
  • Utility Payments
  • Strata 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

Once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs may be:

  • 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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