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Buying a Home - Additional Costs to Consider

Buyer Information


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.

Down Payment:

  • 5% or more.
  • In some cases a 10% down payment is required depending on the Buyers employment, income and credit history.


Other Costs:

Processing a Mortgage


Apprasial & Application Fee $235.00 approx. For lender purposes & CMHC insurance.

Mortgages Life Insurance



Pre-Approved for a mortgage


Get approved by a Mortgage Broker, Lender   (Bank) or Trust Company.
Buyer Incentives

OHOSP– Ontario Home Ownership Savings Plan. If opened before December 31st 1993, you receive a Tax Rebate for Land Transfer Tax.

Down Payment: 5% down for Buyers.

RRSP Monies: Can be used for Down Payment, up to $20,000 for each individual involved in the purchase.


Home Inspection


$ 350.00-400.00 (approx). Highly recommended for both resale and new construction.

Legal Fees Disbursements






  • May vary ($200-$600)
  • Sub-Search of Title
  • Water & Sewage Certificate
  • Status Certificate
  • Register the Deed
  • Title Insurance
  • Title Search
  • Tax Certificate
  • Hydro Certificate
  • Register the Mortgage
  • Plus standard office disbursements   including, photocopies, postage,     courier services, fax charges (as      applicable).

Statement of Adjustments

Given to the Buyer upon Closing


This is a summary of all costs and expenses paid by the Buyer(s) and will be provided to the Buyer(s) upon closing.

Land Transfer Tax





Applies to all transfers of land in Ontario.

First-time homebuyers may be eligible for a refund of all or part of the tax. For transfers where:

  • the agreement of purchase and sale was entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale.
  • the agreement of purchase and sale was entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home.

Applications for a refund must be made within 18 months after the date of the transfer.






  • NOTE: A survey is not transferable and belongs to the individual who paid for the survey. You cannot rely on the accuracy of the information unless you ordered and paid for the survey. Copies of survey’s received from Sellers, can only be used for re-finance purposes.
Title Insurance

$300 (approx). If there is no Survey, title insurance will satisfy the Lender and you will not have to incur the cost of a new survey. Title insurance is a must on all Real Property Purchases.


All fees, costs & disbursements quoted are approximate. Actual fees, costs & disbursements could be more or less and should be obtained directly from the Lawyer.


For more information, please contact a

Royal LePage TEAM REALTY Sales Representative


Trademarks owned or controlled by the Canadian Real Estate Association used under license.