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Approximate Costs of Buying a Home

Approximate Legal Fees and Disbursements: $1,000

Structural Inspection fee:  $350+
(strongly recommended if buying a detached home)

Survey Certificate (if one is not available): $300

Appraisal (if required by the lender): $150

Property Purchase Tax: 1% of the first $200,000 plus 2% of purchase price balance

For example :
A $600,000 home would attract PPT of:

1% of the first $200,000 = $2,000
Plus 2% of $400,000 = $8,000
For a total of $10,000


Other Fees - If your down payment is less than 25% of the purchase price of the home, the lender may require mortgage insurance from CMHC (Canada Mortgage and Housing Corporation) or other Mortgage insurers. The insurance premium, which is usually added to the mortgage, ranges from 0.5% of the mortgage amount to 3.25% depending on the size of the down payment.

Property Tax Adjustment - In addition to the above costs, you may need to have cash on hand to repay the vendors for taxes they have already paid, depending on the Possession date and how the vendors paid their taxes.

Insurance - You should arrange insurance from the Completion date. The annual rate for a basic policy for a detached home is approximately $700 /1,000.

Don’t forget, these figures are estimates only, and will depend on the price of the home you buy.