5.4.2 Planning your purchase

Plan ahead to avoid surprises that could use up your budget and cause you a lot of stress. Budget one to two percent of your purchase price for unexpected costs. Keep some savings to cover the costs of your first year in a new home.

Costs involved in buying and maintaining a home

Use the worksheet below to estimate your total cost of buying and maintaining your home.

One-time expenses	Estimated one-time expenses
Before moving in
Down payment	$
Legal fees	$
Deposits to builders (if applicable)	$
Real estate fees (if applicable)	$
Closing costs (prepaid property taxes, utilities, etc.)	$
Land transfer taxes (if applicable)	$
Home inspection	$
Up-front mortgage costs (e.g., appraisal fees, default insurance premiums if not included in mortgage payments, etc.)	$
Moving expenses/storage expenses	$
Other expenses (e.g., soil or water analysis, foundations, etc.)	$
Shortly after moving in
Hook-up costs (cable, satellite, phone, Internet)	$
Basic furniture, appliances, window coverings, tools	$
Repairs and other items needed on moving in	$
Other expenses	$
Calculations
Total one-time costs	$0.00
Subtract the amount of money you have already saved	$
Balance to be saved	$0.00
Divide by the number of months before your home purchase
Monthly savings target for budget	$0.00

Ongoing expenses	Estimated monthly expenses
Regular home ownership expenses
Mortgage payments	$
Mortgage loan (default) insurance (if required and not included in mortgage payments)	$
Repayment of Registered Retirement Savings Plan (RRSP) withdrawal under the Home Buyers’ Plan (if applicable)	$
Mortgage life/disability insurance (if not included in mortgage payments)	$
Home/property insurance	$
Utilities: Heat/electricity	$
Water/sewer	$
Telephone/Internet	$
Cable/satellite	$
Property taxes (if not included in mortgage payments)	$
School taxes (if paid separately from your property taxes)	$
Condominium fees (if applicable)	$
Cleaning supplies/service	$
Repairs/maintenance (e.g. roof repairs, painting, plumbing etc.) As a general guide, budget one to three percent of the value of the home, then divide by 12 for monthly repairs and maintenance	$
Other day-to-day expenses	$
Occasional home ownership expenses (divide by 12 for a monthly number)
Landscaping/lawn service	$
Snow removal service	$
Additional furniture and appliances	$
Other occasional expenses	$
Monthly ongoing expenses (use this total and enter it into your monthly budget)	$0.00

Download the interactive PDF and add it to your Financial Toolkit [PDF - 213KB]

Tip

You pay goods and services tax/harmonized sales tax (GST/HST) or provincial sales tax on some housing fees and supplies. But you may be eligible for tax rebates or exemptions for new homes. To learn more, go to the New Housing Rebate information from the Canada Revenue Agency.

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Date modified:: 2019-03-01