Costs When Buying a Home

In addition to the price of your home, there are other costs you may encounter.  Here is a list of the most common ones.


Typically 5%-10% of the purchase price, and not actually a cost, as it’s part of the purchase price, but you will need to have sufficient funds in your account, immediately availabl to you, for a certified cheque or money order as soon as your offer is accepted.  You may need to move money out of an RRSP or other account that requires notice to withdraw.

Home Inspection

Budget $400 and up for your own home inspection, or $200 and up to review the Seller’s pre-inspection report with their home inspector.

Appraisal Fee

This is often paid by the lender, but can run $250-$500.

Mortgage Loan Insurance

If your deposit is less than 20% of the purchase price you will need to insure your mortgage through a loan insurer such as CMHC (Canada Housing & Mortgage Corp), Genworth Canada or Canada Guaranty.  For a $500,000 purchase with 10% down payment the premium will be a one-time payment $9,000 which is added to your mortgage.  However you will have to pay the sales tax as that can’t be added to the mortgage.  More details are here.

Land Transfer Tax

There is an Ontario Land Transfer Tax AND a Toronto Municipal Land Transfer Tax.  Click here  to calculate .    There is a rebate for first-time home Buyers,  more information here .

Legal Fees and Disbursements

Expect to pay $800 or more, plus disbursements, .

Title Insurance

On a $500,000 purchase, title insurance would be $325.  For every additional $1,000 in purchase price, the premium is $0.90). Check with your lawyer.


A property survey may not be required if you have title insurance, but would typically cost $1,500 and up.


Expect to pay an amount for property taxes or utility costs which the Seller may have paid in advance.

Moving Costs

These can vary substantially depending on the size of your home and how much packing, etc you wish to do yourself.  Most movers will come to your home and provide you with a free estimate.  Budget $1,500 to $5,000 or more depending on the size of your home, distance and complexity of your move.

Home Insurance

Insuring the cost of the structure and your contents can run $1,000 to $2,000 per year, or more.  Keep a copy of the property listing handy for details of room sizes and special features which your insurer may need know about. We recommend organizing your insurance as soon as possible, as many insurance questions can be answered at one of your Buyer visits.

Need a referral to a trusted service provider?  We’ll be happy to provide you with some names and contact details.

Note:  All costs are approximate and are provided as rough estimates for budget purposes.

Contact Info
Marian Neal

Sales Representative


723 Mount Pleasant Road
Toronto  ON M4S 2N4


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