11/06/2022
One mistake that home buyers (many of whom are first time home buyers) make is they do not consider ALL of the closing costs involved in a purchase.
When you sign and finalize a purchase and sale agreement, the down payment and the purchase price are not the only two costs. Your realtor should educate you on the various costs to consider:
• Land transfer tax varies from city to city and province to province and can even fluctuate based on the home’s purchase price
• Mortgage set-up costs can include an appraisal, as well as mortgage default insurance premiums if you’re putting down less than 20%
• Home inspection
• Home insurance premiums should be included as you typically can’t get a mortgage without home insurance
• Adjusted utility and property tax costs
• Moving expenses
• Legal costs
• Title insurance
To help you track these closing costs, consider using checklists and online calculators. There are plenty of online resources that are convenient and easy to use. Feel free to reach out with any questions!
