The Costs of Buying a Home

When calculating the cost of buying a property, you must take into account the costs of closing the deal.
Obviously, you need to pay the balance of the purchase price (whatever is left after your deposit), and this will usually be a combination of your downpayment plus the remainder which is fowarded from your bank as your mortgage.
However there are several other costs that you should be aware of that will be payable by you when the deal closes.

Land Transfer Tax (based on the purchase price)

See the calculator to the right

Disbursement fees payable to your lawyer

This includes lots of items the registration of the deed to title insurance to courier costs. You should budget between $450.00 and $650.00


Adjustments are your portion of anything that the seller has pre-paid for. Things like pre-paid taxes or oil left in the oil tank. Essentially, the seller gets a credit for all this stuff since they've already paid for it and you're going to benefit from it. You're lawyer will calculate to the day how much this comes to.

Mortgage Insurance

If your mortgage is high ratio, you're going to have to have insurance on it which will cost you different amounts depending on the amount of your down payment. There're a lot of options but for an example, see the CMHC website. Normally, the insurance premium is rolled into the mortgage amount, however, there is PST on the amount which is payable up front.


As part of your Agreement of Purchase and Sale, you may have asked for a home inspection. Count on $350 for that and another $100 if you want a wood stove WETT certified.

Then to all that, you have to of course pay you're lawyer. Count on anywhere from $550 to $1,050.

Canadian Mortgage Calculation
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