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

Ongoing expenses	Estimated monthly expenses
Regular home ownership expenses
Mortgage payments	$ Invalid format or value.
Mortgage loan (default) insurance (if required and not included in mortgage payments)	$ Invalid format or value.
Repayment of Registered Retirement Savings Plan (RRSP) withdrawal under the Home Buyers’ Plan (if applicable)	$ Invalid format or value.
Mortgage life/disability insurance (if not included in mortgage payments)	$ Invalid format or value.
Home/property insurance	$ Invalid format or value.
Utilities: Heat/electricity	$ Invalid format or value.
Water/sewer	$ Invalid format or value.
Telephone/Internet	$ Invalid format or value.
Cable/satellite	$ Invalid format or value.
Property taxes (if not included in mortgage payments)	$ Invalid format or value.
School taxes (if paid separately from your property taxes)	$ Invalid format or value.
Condominium fees (if applicable)	$ Invalid format or value.
Cleaning supplies/service	$ Invalid format or value.
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	$ Invalid format or value.
Other day-to-day expenses	$ Invalid format or value.
Occasional home ownership expenses (divide by 12 for a monthly number)
Landscaping/lawn service	$ Invalid format or value.
Snow removal service	$ Invalid format or value.
Additional furniture and appliances	$ Invalid format or value.
Other occasional expenses	$ Invalid format or value.
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