When purchasing a home for the first time there a number of expenses that must be considered.
Down Payment- This is the percentage of the purchase price your coming to the table with. Buyers and/or investors planning to live in the property they purchase can put as little as 5% down, otherwise its 20% for an investment property. If you put 5% down you will have to insure your mortgage thru CMHC, this amount is usually rolled into the mortgage principal.
Property Appraisal- Is sometimes required by lenders, however they usual cover the cost, if they don’t you can expect to pay up to $300 for one.
Land Transfer Tax- 1%-2% of the purchase price however for first-time buyers this amount is rebated.
Home Inspection- You should budget around $300 for a quality home inspection which is well worth its value. I recommend doing some research and locating an inspector through an independent source who is not your realtor.
Legal Fees- Can range from $1000-$2000 for a typical residential purchase. Get a quote before agreeing to use a particular lawyer and be aware that costs are typical higher when purchasing a condo versus a house because of a certificate fee.
Once you own the property be prepared to pay a deposit upfront to set up utilities ($150-250). You may also be required to pay for an inspection for insurance ($50-$100).