Financing and Mortgages 

Knowing your budget is critical, so talking with your Financial Institution or Mortgage Broker is going to be your first step.

Remember it’s important to be realistic about what you can afford. If you don’t have a Financial Institution or Mortgage Broker, we can assist you in connecting with them as required. In addition to your mortgage payment, do consider the following once-only fees:

  • Property transfer tax (if applicable) is 1% on the  first $100,000 & 2% on the remainder. This is payable at time of completion (move-in day)
  • A first time home buyer can now qualify for a full exemption with a purchase price of less than $425,000.00 (previously $375,000.00).  A partial exemption is available if the purchase price is more than $425,000.00 but less than $450,000.00.
  • Notary or Lawyer fees
  • Adjustments (property taxes and maintenance fees reimbursed to the seller)
  • Mortgage insurance, if less than 25% deposit
  • Appraisal fees
  • Home inspection fees


Additional Expenses When Buying a Home

Once you own, don’t forget to budget for the following:

  • Mortgage payment

  • Condo fees

  • Insurance costs

  • Property taxes

  • Utility fees

  • Moving expenses

  • Cable and telephone fees

  • And of course, any repairs upgrades necessary; carpets, painting, etc.

Now that you know a bit more about financing your purchase of a new home, read on to learn about the fun part; when The Search Begins. If you have questions about financing or any of the other fees you read about here, feel free to contact us at any time.