HOME CLOSING COSTS
Home buying involves many expenses that you may be aware of and some that you may not. Buying a Victoria home involves one-time costs and monthly expenses (property taxes, mortgage, condo fee if applicable, home insurance and utilities).
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.
One time and monthly expenses when buying a home or a condo in Victoria
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
|Mortgage application fee||At time of application|
|Property appraisal fee||Closing|
|Property tax hold back||Closing|
|Home inspection||Upon offer acceptance|
|Legal fees, title insurance, disbursements, deed/ mortgage registration||Closing|
|Property Survey (sometimes provided by seller)||Closing|
|Land transfer tax||Closing|
|Mortgage interest adjustment/ Mortgage assumption fees (if applicable)||Closing|
|Adjustments for utilities, property tax, condo fees etc.||Closing|
|Home closing insurance (optional)||Closing|
|Home insurance||On going|
|Property Taxes||On going|
|Connection charges for utilities||Date of move|
|Moving expenses||Date of move|