Home buying expenses
The best place to research affordability, incentives, and grants for Canadian home owners is on the Canadian Housing and Mortgage Corporation (CMHC) website. They have a number of tools and mortgage calculators that will help you make some basic decisions and see if home ownership is right for you. The CMHC is a government-funded organization with a mandate to provide mortgage-related services and information, such as mortgage insurance. In Canada, mortgage insurance is required by law for loans with less than a 35% down payment.
Try the CMHC affordability and rental comparison calculator
Calculating your purchase
Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment, which usually represents between 5% to 25% of the total price of the property. In addition, there are a number of other costs you may be expected to pay, such as landscaping, redecorating, furnishings, appliances and repairs. Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.
Typical one-time expenses
| Expense | When to Pay |
| Mortgage application and appraisal fee | Closing |
| Property inspection | To be arranged |
| Legal fees | Closing |
| Deed and/or mortgage registration | Closing |
| Property survey | To be arranged |
| Property transfer tax | Closing |
| Adjustments for property taxes | Closing |
| Mortgage insurance | Closing |
| Home and property insurance | To be arranged |
| Connection charges for utilities such as gas, water and electricity | Date of move |
| Moving expenses | Date of move |
Mortgage calculators
Try these mortgage and affordability calculators from Canada five largest banks:
Overview
