Your down payment is the only cost
you’re going to have upfront
Most first-time home buyers focus solely on saving for their down payment without considering additional costs associated with purchasing a property. Being blindsided by these extra costs could leave you in a pickle.
Some extras for consideration: mortgage appraisals, property transfer taxes, or GST, home inspections and closing costs for your lawyer or notary. Down payments might be the highest cost, but if you’re planning to buy in British Columbia, you’re likely to have a few extra charges you weren’t expecting. Property Transfer Tax will comprise your most significant cost, followed by legal fees and title insurance. We encourage you to build into your budget a buffer of an additional 3% of the home’s sale price for costs associated with closing on your ideal home.