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Out of Pocket Costs Involved In Buying A Home

Down Payment

5% down payment is the minimum.

Inspection Report

While not mandatory, it is HIGHLY recommended. The inspection report is a thorough evaluation of the condition of the property.

Approx. $700 CAD.

Legal Fees

For any purchase transactions, a real estate lawyer is required. The below approximation takes into account title insurance/s, legal fee, legal disbursements, land title fee...

Approx. $1,500 to $2,000 CAD. 

Property Taxes

A variable and not so straightforward potential closing cost are Property Tax Adjustments. Click here for more information. Price will be based on possession date, tax amount and how the taxes get collected. 

Real Property Report

*Applies to stand alone homes and duplexes

This is the survey of your new home. If the sellers are not able to provide an acceptable copy you have 2 options:

1) order a new survey (approx $1,000) or
2) title Insurance can usually be used to offset this condition (approx $400)

Condo Documents

These are very important as it is the key to how the complex has been managed. Items you want to pay attention to:​

a)   all common expenses are paid to the date of advance;
b)   fire insurance is in place;
c)   the condominium is not a party to any legal action;
d)   the condominium has reasonable reserve funds;
e)   there are no special assessments levied, pending increases or major repairs…

If you need help analyzing and understanding your condo docs, there are local companies that specialize in this. Approx. $600 CAD.

Fire Insurance

Houses: The property must have sufficient fire insurance, you can get your contents insurance at the same time. 

Condominiums: the Condo Board is responsible for adequate Fire Insurance but the owner must have their own contents and water damage insurances. 

Price based on many variables. 

Life and Disability Insurance

This is typically our largest asset and debt, please be insured. Life and Disability Insurance will be offered to you with approval. Price based on many variables. 


Confirms the market value of a property. Appraisals are usually only required if the home is a private sale, a rental...

Approx. $300 - $400 CAD.

Costs listed are approximations only, please confirm directly with any of your providers. 

This information isn't a surprise to our clients. Be one of them. 

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