COSTS TO CONSIDER

Buying a home costs more than the offer you make. There are numerous other expenses that will add to the amount that you'll need to spend. This purchase price checklist outlines all the costs you can expect. Please note that they can vary by province and are subject to change.  You can also check out our mortgage calculators to try out different scenarios and establish a budget.

The following is a list of everything you need to consider before making an offer on your dream home:

Purchase Price: The starting point in your calculation... if you're like most first-time home buyers, you'll need a mortgage for the majority of this cost. 

 Land Transfer Tax:  

If you are a first time home buyer, you may be eligible for a refund on all or part of the tax.  You can click here for more details. Basically the tax varies depending on property value:

• 0.5% of the value of consideration for the transfer up to and including $55 000
• 1.0% of the value of the consideration which exceeds $55 000 up to and including $250 000
• 1.5% of the value of the consideration which exceeds $250 000
• 2.0% of the amount by which the value of the consideration exceeds $400 000 for land that contains at least one and not more than two single family residences

Lawyer's Fees: $650-$900.00. 

•  Prices can vary depending on solicitor.  

Registration Fee: $75.00.

•  Fee paid to the provincial government for recording a title transfer, mortgage registration or other instrument such as an Assignment or Lien with the local authorities.

 Appraisal Fees: $250 - $300.00.

•  Common for most mortgages.  We arrange these for you. 

 Home Inspection: $300-$450.00.

•   A report commissioned by a property owner or purchaser, usually to verify the condition of a property prior to the "firming up" of a purchase agreement. The scope and detail may vary, but most reports outline any particular problems and associated repair costs. Unfortunately, no licensing is required, and this service is not specifically regulated other than by general consumer protection legislation. The best safeguard against inadequate work is to ask for the resume of the Inspector, or select a name firm who stands by their work.    

 Land Survey: $1000-$1500.00.

•  The legal written and/or mapped description of the location and dimensions of your land. The survey should also show the dimensions and placement on the lot of any structure, including additions such as pools, sheds and fences. An up-to-date survey is often required by a lender as part of the mortgage transaction.

 Title Insurance: $265-$300.00.  

•  Can be purchased by home buyers to protect against potential deficiencies in a number of areas, such as the land survey. There are numerous benefits to this product, and you should consult your lawyer for more information. 

 Disbursement:  $200-$300.00.

•  The lawyer writes a letter to Norfolk Power and asks if there is any liens against property, so when a new purchaser gets a new house its debt-free and good to go.

 Property Tax & Prepaid Utilities Adjustments 

• These costs vary depending on property value and location.