Expected Costs

Property Transfer Tax

  • 1% on the first $200,000
  • 2% on the balance up to and including $2,000,000
  • 3% on any portion over $2,000,000

First Time Home Buyers may be exempt from this tax. 

Example:  $400,000 home (0.01 * $200,000 + 0.2 * $200,000) = $6,000

Legal Fees

Your lawyer or notary will charge a fee for their service of transferring title from the Seller to the Buyer as well as disbursements to the Land Title Office.  This cost is approximately $1000.

Home Inspection

It is highly recommended to have your potential home inspected by a Certified Home Inspector.  This typically can range from $450-600


Sometimes lenders will require the home to be appraised prior to lending.  This may cost about $300.


You will need to provide a deposit upon subject removal of your purchase.  This is typically 5% of the agreed purchase price and will later form part of your down payment.


Your proportionate share of Seller’s prepaid payments which include property taxes, utilities, and strata fees for the remaining year or month.

CMHC Insurance Premium

Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protects lenders against mortgage default, and enables consumers to purchase homes with as little as 5% down payment — with interest rates comparable to those with a 20% down payment. This can range from 2.80% to 4.00% of the amount financed (and sometimes more depending on unique products). This will be added onto the mortgage.


5% of the purchase price of brand new homes.  Rebates may apply.  This is not applicable to resale homes.

Survey Fee

Your lender may require an up-to-date survey on your property (not on attached apartments) and this may cost approximately $300.