Buyer Links
Toronto Real Estate Search
Click here and let us know what you are looking to buy
Toronto Lofts for Sale
All Toronto loft conversions, as well as new soft loft buildings
Toronto Hard Lofts
Only authentic hard loft conversions in Toronto
Toronto Soft Lofts
Only newly-built soft loft buildings in Toronto
Toronto Condos for Sale
Popular Toronto condo
buildings, as well as some
new condo developments
First Time Buyers
A special section for those entering the Toronto condo or house market for the first time
Property Listings
Check what Toronto condos & houses are for sale - and check our office listings as well
Tools for Buyers
Mortgage calculator, land transfer tax, etc.
Information for First Time Home and Condo Buyers
Determining Your Needs – Closing Costs
What Can You Afford?
There are two types of costs in buying a home or condo -- the initial amount you will need for your purchase and the ongoing costs of paying back your mortgage along with monthly operating costs. The largest one-time cost is the down payment. It usually represents 5-25% of the total price of the property.
Typical One-time Expenses:
* Mortgage application and appraisal fee
* Property inspection (optional), due at time of inspection, not common in condos
* Legal fees, due at the time of closing
* Legal disbursements, due at the time of closing
* Property survey (sometimes provided by seller), due at the time of closing
* Land transfer, deed tax or property purchase tax, due at the time of closing
* Mortgage interest adjustment (if applicable), due at the time of closing
* Home and property insurance, at closing and ongoing
* Moving expenses, due on the date of move
* PST on High Ratio mortgages
Typical Monthly Expenses:
* Mortgage payments
* Maintenance (this could be condominium fees, or allocated maintenance fees)
* Property and content insurance
* Property taxes
* Utilities
Other costs may include landscaping, redecorating, furnishings, appliances and repairs.
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.
We hope this is a bit of helpful information for you in your expanding knowledge of home buying. Please feel free to contact us should you have any questions or are ready to embark on your home buying journey!