Budgeting as a buyer: avoid hidden costs!

While buying a home can run a pretty penny, don't let "hidden costs" surprise you. We've outlined below several of the most common costs a buyer can run into during and after the buying process.

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Appraisal Fee

$175 – $300

An appraiser assesses the market value of the home you are buying to ensure it is reasonably within asking price. Appraisal fees cover the cost of having an appraiser evaluate the size and condition of the home.

Property Tax

purchase price x 1.35089% per year

Property tax is paid by the owner of the property to the local government. It is calculated based on the property's valued price.


$490 (Optional)

A land survey, though optional, can provide valuable knowledge of lot size and placement, as well as neighbouring house's ownership limits. It ensures what appears in the property's descriptions are correct.


$500 — $1000 per Year

Home owner's insurance ensures your home, one of your most expensive assets, is covered in the event of unforeseen damages such as fire, natural disaster, and flooding.

Mortgage Insurance

$9,500 with 10% down payment on a  $250,000 home (over 25 years)

CMHC (Canada Mortgage and Housing Corporation) insurance is required by the lender when your down payments below 20% of purchase price. This insurance protects the lenders in the event of borrower default.

Condominimum Fees

Avg. $250 — $300+ per month

Monthly fees most often apply to condominiums. They go towards the upkeep of the building and are in addition to mortgage and insurance payments. The price varies widely based on the unit's size and location.

Moving Costs

$130 Per Hour

Whether you're moving from another city or just down the street, the cost of hiring a mover can vary based on distance and time needed.

Land Transfer Tax


The responsibility of land transfer taxes falls on buyers of any new home and is arranged with your lawyer on the day of closing. However, if you're a first time buyer in Ontario, you may be eligible for a land-transfer tax refund.

New Locks

$100 — $250

It is advisable to any new homeowner to change the locks on all external doors as an added security measure. Previous home owners may have left the keys behind, but spare copies can be floating around unbeknownst to new owners.


3% of purchase price per year

For a typical home, it is advisable to spend roughly 3% of the purchase price on upkeep and maintenance to prevent damage and ensure the home remains in great condition.

Status Certificate


If buying a condominium, you can order a status certificate from the condominium board to review the condo fees, by-laws and regulations. That way, you can make sure the complex is suitable for your needs. This is typically done through the lawyer.

Getting ready to buy? Let us handle it.

Buying real estate is one of the biggest financial investments you can make. Our team of realtors are here to ensure you buy the right house — for the right price. Get in touch today to start your journey with us!

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