The purchase price of your home is only one of the costs you'll encounter. Here are other possible costs you need to consider:
Mortgage loan insurance: If you are putting less than 20 per cent of the house value down, you're going to need mortgage loan insurance. Depending on the lender, the premium can be added to mortgage payments.
Appraisal fee: Lenders typically loan a percentage of the home's purchase price or the market appraisal of the property. Cost depends on the size and complexity of the assignment.
Land survey: The lender may ask for a current survey or certificate of location before signing off on the loan.
Deposit: A deposit normally goes with the formal offer to purchase. A typical deposit is 5% of the purchase price and is paid at the time the offer is submitted or upon acceptance.
Insurance: The lender will require proof of property insurance for the replacement value of the house and its contents from the day you take ownership.
Application fee: Some lenders will pass on the cost to process your application. These fees vary and some lenders will waive entirely if you have other accounts with them.
Home inspection fee: An inspection protects the buyer by revealing any problems in the property that you'd want to know before you move in.
Legal fees: The cost to transfer ownership of title from the seller to the buyer, as well as the cost to apply a mortgage to the title (if applicable). Costs are typically $800 plus disbursements.
Land Transfer Tax: Use the land transfer tax calculator to calculate both your
Goods and Services Tax: The purchase price of resale homes is exempt from the HST. The purchase price of newly constructed homes is subject to HST. New home buyers can apply for a 36% rebate of the federal portion of HST applicable to the purchase price to a maximum of $6,300 for homes costing $350,000 or less. For new homes priced between $350,000 and $450,000, the rebate on the federal portion of the HST rebate would be reduced proportionately. New homes priced $450,000 or higher would not receive a rebate of the federal portion of the HST. New home buyers can apply for a 75% rebate of the provincial portion of the HST applicable to the purchase price to a maximum of $24,000.
Other Costs: include moving costs, fees charged by utilities for service hook-ups, property tax andother adjustments (an adjustment takes place when the seller has already paid for something in advance and wants to be credited for the unused portion on the date the house becomes yours), and ongoing maintenance (condo fees etc) and utility costs.