What are the Costs?

Everyone knows about down payments, but you have to take into account the other costs and fees associated with buying a home. As a rule of thumb, these expenses are usually 3-4% of your purchase price, so prepare and budget for them.


  • Inspection fee (approx. $500)
    It is recommended that you perform an inspection by a professional building inspector before removing subjects on your purchase offer. The inspector will assess any needed repairs and the structural integrity. It’s often wise to shop around, because the cost varies between companies.
  • Appraisal fee (approx. $400)
    An appraisal is required to make sure the property is worth the price you are paying. It is most often required if your down payment is more than 20%, as you are not paying the insurance premium to insure your mortgage. I will order this for you, since each bank has a list of preferred appraisers.
  • Legal fees
    You will need a lawyer or notary to act for you in the purchase and mortgaging of the property. I will help you pick one, since each bank has preferred lawyers and notaries.
  • Insurance
    Adequate insurance coverage against fire, loss, earthquake, theft, and liability are required on all homes. It’s often wise to shop around, because the cost varies between agents.
  • Moving costs
    Costs vary depending on whether you do it yourself or hire movers. It’s often wise to shop around, and most movers offer lower rates if you move in the middle of the month or during the week.
  • New home costs
    New homeowners may need to buy kitchen appliances, tools, gardening equipment, cleaning materials, new furniture, carpets, or curtains.
  • Property Tax
    Since the current homeowners paid their property tax for the full year, you will have to pay back the portion they prepaid for you. Your lawyer or notary will help you determine this amount.
  • GST
    GST is payable on newly built homes. This can be added.