When buying a home, especially if it’s your first time, you might not be aware that there are some additional costs than your mortgage and the down payment. These are commonly known as “closing costs”.


These are standard costs that apply to any property you decide to buy. 

Additional Costs to
Buying a Home

Also known as closing costs 


How much will this cost me?



Usually requested for conventional mortgages (20% down or more), the appraisal is meant to confirm the market value of a property. If applicable, the mortgage lender will order the report, but the cost of the appraisal ultimately corresponds to the property buyer.

As of 2022, an appraisal can cost around $300 CAD.

Inspection Report

The inspection report is not mandatory, but it is highly recommended. The inspection report is a thorough evaluation of the property. It addresses and reports on the condition of the property you’re considering on buying. It can emcompass foundations, electrical, plumbing, heating, water heaters, appliances, fireplaces, among others. 
As of 2022, this report can cost approximately $700 CAD.

Legal Fees

For any property transactions, a real estate lawyer is required so they handle all documentations and legality of the transaction. Any legal fees should be discussed with the lawyer of your choosing, but a fair approximation would be anywhere between $1,200 to $1,800 CAD of billable hours plus any disbursements, courier fees, land title charges, or title insurance.

Property Taxes

A variable and not so straightforward potential closing cost is around any Property Tax Adjustments.
Nikole reviews this with you before you choose your lender. 

Fire Insurance

Houses: The property must have sufficient fire insurance.


Condominiums: the Condo Board is responsible for adequate Fire Insurance.


For either case, the buyer is responsible for obtaining insurance on the contents of their property.

Life and Disability Insurance

Just as you want to insure yourself against death, illness or disability, you will also want to insurance your largest asset and debt. Life and Disability Insurance will be offered to you with your approval.


For homes

Real Property Report/Survey: The lender will request your lawyer review the survey and confirm that the house and/or any outbuildings do not encroach or cross the property lines. The seller will often already have this report and you can request this in the Offer to Purchase. Otherwise, a new report will be required which will cost approximately $1,000 CAD. Alternatively, most lenders will accept title insurance in lieu of this report which costs approx. $350 CAD. This report is required for all properties except condominiums. 

Modern Neighborhood
Apartment Building


For condos

The condo documents are very important as it is the key to how the complex has been managed. Items you want to pay specific 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 many organizations available. You might also want to consider this one I’ve heard good thing about. As of 2022, condo docs analysis can cost around $500 CAD.

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My realtor asked for a pre-qualifying letter?

No problem, I can provide that after application review.