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).

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.

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
Closing cost
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

Don’t hesitate to contact Dez Daljit Mahal, your Real Estate Professional only a phone call away!

Office

RE/MAX Camosun :
4440 Chatterton Way,
Victoria BC V8X 5J2

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