Avoid Last-Minute Financial Surprises on Closing Day
Buying a home, whether it’s your first, fifth, or tenth, is a significant milestone. But the last thing you need is unexpected financial obligations popping up just hours before you take possession of your new home.
In the GTA’s fast-moving real estate market, buyers often focus solely on the purchase price and forget about the many additional expenses that come with buying a property. If you’re not prepared, these extra costs can turn your purchase into a stressful financial surprise.
To help you avoid these, here is the complete checklist of hidden and often-overlooked home-buying costs so you can budget confidently and protect your investment.
✅ 1. Appraisal Fee
Your lender may require a property appraisal.
Typical cost: $400 – $600
✅ 2. Property Taxes
Depending on your down payment, property taxes may be included in your monthly mortgage payment — or you may need to provide annual proof that they have been paid.
✅ 3. Survey Fee
For resale homes, lenders may request an updated survey.
Typical cost: $1,500 – $4,000
✅ 4. Property Insurance
Home insurance protects your lender’s investment and is mandatory for closing.
This covers the replacement value of your home and contents.
✅ 5. Utility Service Charges
New utility accounts (hydro, gas, water, internet, cable) may require set-up or installation fees.
✅ 6. Legal Fees
Even the simplest purchase requires a lawyer to review documents and complete the closing.
Costs vary depending on experience and complexity.
✅ 7. Mortgage Loan Insurance
Required when your down payment is under 20%.
Typical cost: 2.8% – 4% of your mortgage amount, and is based on your down payment size
Often added to your monthly mortgage payment.
✅ 8. Mortgage Broker Fees
Some brokers charge a fee; many do not (lenders sometimes cover the cost).
It pays to shop around.
✅ 9. Moving Costs
Average moving rates:
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$600 – $1,500 for a truck and three movers
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10–20% higher during peak seasons
✅ 10. Condo Maintenance Fees
If you’re buying a condo, you’ll pay monthly maintenance fees for common areas, repairs, cleaning, and building upkeep.
✅ 11. Water Quality Testing (For Homes With Wells)
If the property uses well water, you may need certification for quality and quantity.
Typical cost: $300 – $1,600
✅ 12. Land Transfer Tax
A significant closing cost that applies whenever a property changes hands.
In Toronto, both municipal and provincial land transfer taxes may apply.
🎯 Plan Ahead. Save Yourself the Stress.
Being informed and prepared is the key to avoiding financial surprises.
At Jan’s Realty Team, we help GTA buyers understand every cost up front so you can budget appropriately, negotiate smartly, and move into your new home with complete confidence.
📞 Have questions? Want help budgeting for your next purchase?
Call us at 289-724-1638 or book your free consultation below.
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