Home buying expenses and closing costs

Home buying expenses


Home buying involves many expenses that you may be aware of and some that you may not. Buying a Mississauga home involves one-time costs and monthly expenses (property taxes, mortgage, condo fee if applicable, home insurance and utilities).

Down payment

The largest chunk of home buying expenses involves the one-time down payment. It usually represents minimum 5% for owner occupied properties, and minimum 20% for investment properties. The minimum is based on the purchase price for Canadians according to their income and credit history. A down payment of 35% or more of the purchase price applies to Canadian non-residents and newcomers who are yet to be employed or do not have an established credit history. Read more about non-resident investment requirements.

One time and monthly expenses when buying a home or a condo in Mississauga

The total cost of buying a home/condo involves not just the purchase price of the property but also home closing costs. These expenses are necessary to complete the purchase, but are outside of the purchase price for the property. Fees, types of services provided and procedures required in the closing process vary by provincial jurisdiction. The home closing costs are approximately 3% to 5% of your home buying expenses or condominium price (excluding mortgage insurance fee ).
Home or condo buying expenses

Closing cost

Can be as low as 5%
Property appraisal fee


Home inspection

Upon offer acceptance

Legal fees, title insurance, disbursements, deed/ mortgage registration


Property Survey (sometimes provided by seller)


Land transfer tax


Mortgage interest adjustment/ Mortgage assumption fees (if applicable)


Adjustments for utilities, property tax, condo fees etc.


Home insurance

On going

Property Taxes

On going

Connection charges for utilities

Date of move

Moving expenses

Date of move


Additional closing costs when buying a new builder home/condo:

Home buying expenses or new builder closing costs can be almost twice more than resale property.


Typical on-going costs:

Typical monthly costs incurred with home ownership are property taxes, mortgage payments condo fees(for condos), utility costs, maintenance and home insurance.

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