Your search results

Real Estate Costs: Additional Costs You NEED to Know!


Buying and selling real estate is a complex process—and with that process comes throngs of surprise costs.

I consistently ensure that none of my customers are surprised with additional costs. Costs that they hadn’t worked into their budget. These additional, surprise costs include:

  • Property Taxes
  • Utility Fees
  • Land-Transfer Tax (which in Ontario is: From $55,000 to $250,000 X 1 % of total property value, from $250,000 to $400,000 X 1.5 % of total property value and from $400,000 up X 2 % of total property value)
  • Surveying Fees
  • Appraisal Fees
  • Inspection Fees
  • Lawyer / Notary Fees
  • Property Insurance
  • Mortgage Insurance (required on mortgages with down payments under a certain %)
  • Application Fees
  • Mortgage Broker Fees
  • Moving Costs
  • Closing Costs
  • Certificate Fees
  • Condo Fees
  • Renovation / Repairs / Redecoration
  • Buying Appliances
  • On-going Property Maintenance
  • First-Time Loan Insurance

Incorporating all or some of the above necessary fees into your budget is critical to a smooth home-buying or home-selling process. It is critical to think of these before you commit to a mortgage so that your housing costs don’t exceed the recommended 35% of your gross income.

If you’re unsure if any of the above apply to you—give me a call.