Budgeting for New Home Expenses

In addition to your down payment and mortgage installments, other expenses may be incurred for the purchase of your new home. Some are one-time costs-others monthly or yearly.

Being educated and financially prepared will result in a seamless transaction.

List of Buying Expenses

The following is a list of expenses that may or may not apply to your particular situation, but it’s best to review all possibilities in order to budget appropriately.

  • A 5% deposit upon an accepted offer.
  • Appraisal Fee: may be requested by your lender. Costs vary. $700 – $1000
  • Building inspection. Costs vary depending on the size of the property. $350 – $700
  • 5% GST on new homes. Resale homes are GST exempt.
  • Mortgage application fee.
  • Survey Fee: may be requested by your lender. Costs range from $700 – $1000
  • Legal Fee: Costs range from $600 – $1200
  • Moving expenses.
  • Interest adjustments.
  • Land Transfer Tax: in BC the rate is 1% on the first $200,000 and 2% on the balance.
  • Homeowner’s Insurance
  • Service Charges: These include fees for utilities such as cable and TV installation.
  • Renovation Costs
  • Maintenance Fees (for condominium purchase only)

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