Financial capacity


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Purchasing a House: expenses to anticipate

Purchasing a home involves one-time costs and monthly expenses. The largest one-time cost is the down payment. It usually represents between 5-25% of the total price of the property. In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay.

Buying a house: expenses you make once or recurring expenses?

Typical One-Time Expenses

Mortgage Application and Appraisal Fee At time of application Property Inspection (optional)
At inspection Legal Fees At closing Legal Disbursements
At closing Property Survey(sometimes provided by the seller)
At closing Land Transfer, Deed Tax or PropertyPurchase Tax (in Quebec within 3 months following signing)
At closing Mortgage Interest Adjustment and Take Over Fee (if applicable)
At closing Adjustments for Utilities, Property Taxes, etc.
At closing Mortgage Insurance(and Application Fee if applicable)
At closing Home and Property Insurance
At closing and annually Moving Expenses Moving day
Other costs may include landscaping, redecorating, furnishings, appliances, repairs, etc.

Recurring Expenditures on the Purchase of a House

Typical monthly costs associated with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.