If you’re thinking of buying a home for the first time, congratulations! Buying a home is an exciting venture that allows you to put down roots, grow, and build as an individual or family! It is also a fantastic financial investment if you know what you’re doing. 

In this first-time home buyers guide, we’ll go through and break down all of the costs associated with purchasing and maintaining a home so you can be prepared and have a stress-free buying experience!

Below are the three most significant costs which you need to plan for when buying a home. These costs cannot be taken from your mortgage loan:

Your deposit

Which is paid upon the acceptance of your offer on the home.

Your down payment

The down payment on the house which is paid upon the closing.

Your land transfer taxes

On the purchase of an $800,000 home provincial land transfer tax is roughly $12,475. If you are buying inside the city of Toronto, you will need to consider Municipal tax on top of this amount. 

After the initial costs, there is also the possibility of additional closing costs such as lawyer fees, moving costs, storage costs, and another month’s rent for your current home (if your closing date falls in the middle of the month). You will also need to prepare for unexpected adjustments on closing. For example, if the seller had prepaid all of their property taxes for the year, you may need to reimburse them.

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After the costs associated with purchasing and moving have been made, you will then have your monthly expenses (mortgage, home insurance, utilities, property taxes, etc.), as well as maintenance and repair costs. If you’ve bought an older home, you may need to repaint, replace the flooring, or even have a new roof installed. Remember, every update and upgrade you make to your home will only increase your investment value! 


I hope that you found this home buyers guide helpful and informative. If you have any questions about the home buying process, please feel free to reach out by clicking here! I can walk you through each step of the process and even put you in touch with financial advisors to support you with your personal accounting. You’re not in this alone!

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