Beyond your down payment, set aside funds for the following so your move is stress-free.
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Home inspection: Independent review of structure, systems, and safety items.
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Appraisal (if required by your lender): Confirms value for financing.
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Legal or notary fees: Conveyancing, title searches, and registration.
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Title insurance: Protects against certain title defects/fraud; often recommended by lenders.
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Property Transfer Tax (PTT): Provincial tax payable on most purchases; first-time buyer and newly built home exemptions may apply depending on price/eligibility—ask us and your lawyer to confirm current rules before writing.
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Mortgage default insurance (if <20% down): Added to your mortgage; factor the premium into affordability.
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Adjustments: Reimburse the seller for prepaid items (property taxes, strata fees, utilities) from the possession date forward.
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Insurance: Homeowners/condo insurance in place before funding; strata “deductible buy-down” is common now.
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Strata move-in fees (if applicable): Book your elevator early to avoid delays.
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Move/setup: Movers, boxes, cleaners, locks rekeyed, Wi-Fi setup—budget a cushion.
Smart budgeting tips
Create a separate “Closing” account; auto-transfer a set amount each pay period. Ask your lender for a fee summary at pre-approval and your lawyer for a cash-to-close estimate as soon as subjects are removed. Keep a 1–2% buffer of purchase price for small repairs in the first 60 days.
Have any questions regarding this process? Gives us a call at 604-335-9772
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