The largest one-time cost is the down payment. It usually represents 5-25% of the total price of the property.

    Typical One-time Expenses:

•     Mortgage application and appraisal fee
•     Property inspection (optional), due at time of inspection
•     Legal fees, due at the time of closing
•     Legal disbursements, due at the time of closing
•     Property survey (sometimes provided by seller), due at the time of closing
•     Property purchase tax and goods and services tax (GST), due at the time of closing.
•     Mortgage interest adjustment (if applicable), due at the time of closing
•     Home and property insurance, at closing and ongoing
•     Moving expenses, due on the date of move

It's great to have a beautiful home, but don't invest every penny so that you have no additional funds to enjoy your lifestyle. As we mentioned earlier, your home buying decision must take all factors into account. Be realistic upfront. If you begin by overestimating the costs, you're less likely to find yourself in a financial bind down the road.

    Typical Monthly Expenses:

•     Mortgage payments
•     Maintenance (this could be strata fees, or allocated maintenance fees)
•     Property and content insurance
•     Property taxes
•     Utilities