Budget To Buy

Budget For Buying A Home


Typically 5% of the purchase price. This money will be held in a trust account and used towards your down payment on closing.

Home Inspection:

Although a home inspection is not mandatory, hiring a home inspector may save you headache and money down the road. Average home inspections can range from $300-$600, depending on size, type and location of home. Make sure you hire a qualified home inspector and check references!

Lawyer Fees:

Your lawyer will charge for services provided such as title transfer, disbursements, and status cert review if necessary. The costs will range from $1000 - $1500

Land Transfer Tax:

Paid to the government on closing. This fee is 0.5%-2% of your purchase price. NOTE: Some areas such as Toronto have a second tax which ranges from 0.5% - 2% of purchase price. The higher your purchase price, the higher your fees. Ask your realtor for more details.

Mortgage Fees:

May range between $200-$500. You will also need to provide the balance of your deposit. If you are putting less than 20% down, you will be required to pay CHMC an additional fee, this additional fee can be paid of along with your mortgage over the term of the mortgage. Ask your lender to clarify the exact amount and terms.


You will need proof of home insurance on the property and it needs to be effective the day of closing.

Moving Costs:

This depends on who your friends are and how many times they have already helped you move! Best advice is to choose a moving company that comes highly recommended. Ask about policies regarding damage, late fees, and location charges and ask for references. Local moving costs will range between $1000-$2000. Again this depends on size of home, distance between moves and difficulty of move.

Service Contracts:

Find out about any out standing contracts related to the home such as alarm, hot water tank rental, Ask if you will be required to assume these contracts.

Expert Tip: Choose a realtor who is well connected with other industry professionals. They can guide you to the right people, offer suggestions and give you a clear picture of any additional costs you can expect. Plan and prepare.


Alex Winiarski
Real Estate Sales Representative
CENTURY 21 Miller Real Estate Ltd.

Brokerage Independently Owned and Operated

2400 Dundas St. West, Unit 6, Suite 513

Mississauga, ON. L5K 2R8 

Direct Line: 416.455.9151

Office: 905.845.9180 

E-Mail: alex.winiarski@century21.ca


There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Blog Archives