The Real Cost of Home Ownership - Upfront and Ongoing

Figure out how much you need to save to cover the upfront costs associated with buying a home. For example, have you saved enough to pay the following expenses? 

• Down payment — the part of the home price that is paid when you make an offer to purchase
• Home inspection and appraisal fees
• Insurance costs — including property insurance, mortgage loan insurance, etc.
• Land registration fee — based on a percentage of the purchase price of the property
• Prepaid property taxes and utility bills — you may have to reimburse the seller for bills paid in advance
• Legal or notary fees
• Potential repairs or renovations
• Moving costs
• GST/HST/QST on the purchase price (for newly built homes) or on the mortgage loan insurance (if applicable)

• Taxes
• Internet/Cable
• Electricity
• Gas
• Water and Sewer
• Maintenance and Repairs