Step 3: Calculate Your Costs
- Step 1: Understand The Housing Market
- Step 2: Select Your Home Buying Team
- Step 3: Calculate Your Costs
- Step 4: Present Your Offer
- Step 5: Closing Day
- Home Buying FAQ
Buying a home involves both one-time costs and ongoing expenses. The largest one-time expenses are your downpayment and closing costs.
The downpayment usually represents between 5-20% of the total price of the property.
Budget approximately 2-3% of the purchase price of your new home for expenses associated with closing costs. Some expenses may include:
- Appraisal
- Inspection
- Land Transfer Tax
- Legal fees and disbursements
- Sales taxes
Ongoing Expenses
Your mortgage payments will be your largest ongoing expense. This can be paid through a number of payment frequencies, such as weekly, bi-weekly, monthly or semi-monthly, depending on the mortgage you choose. See how different payment frequencies can help you pay off your mortgage faster by using the Pay Mortgage Faster Calculator .
In addition to your regularly scheduled mortgage payments, there are other costs that you should budget for:
- Utilities (heat, hydro, water)
- General maintenance
- Home & fire insurance premiums
- Property taxes
- Condo fees (if applicable)
We are available to help you understand all costs involved in buying your home.