Understanding Your Costs

No one likes unexpected bad news—especially the financial kind! This section can help you prepare for the cost of closing, moving, and getting settled into your new home.

Calculate Monthly & Closing Costs

Closing Costs & Fees

Think Ahead

Deposit & Down Payment

Land Transfer Tax

Lawyer Fees

Moving Costs

The Buying Process

We believe the best approach to buying a home is to be informed. This section will help answer some basic questions, outline what to expect on the road ahead and boost your confidence in finding the right home for you.

We're here to help every step of the way so if you’re ready, let’s get started!

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First Time Home Buyer Guide

Being a First Time Home Buyer can be both exciting and a little scary.

Whether it's your first home or your 10th, we believe the best approach to buying a home is to be informed. This guide will help answer some basic questions and outline what to expect on the road ahead.

Download the Guide

Educational Videos

Check out these videos for great tips

How to WIN in Competition

Cost to Buy a Home

What is the first step I should take as a first time buyer?

As a first-time homebuyer, the most important first step that you should take is to get pre-approved. This first step is vital and should not be overlooked. You can get a pre-approval from your local bank or a mortgage broker. You can find a list of our preferred mortgage brokers on our "Preferred Partners" resource page.

When getting pre-approved, it's important to make sure that you receive a "Pre-approval" and not just "Pre-qualification". An easy question to ask yourself to determine if you are pre-approved is "Did they pull your credit score & did they ask for pay stubs?".

What's the difference between a "Deposit" and "Down Payment"?

A "Deposit" is technically part of the "Down Payment".

Once you have an accepted offer on a property, you will be required to supply a Deposit within 24 hours. As a rule of thumb, the deposit is typically 5% of the purchase price of the home. It is crucial that you have this money readily available.

The "Down Payment" is the initial upfront payment for the purchase of the home that is not part of the mortgage. The minimum down payment varies by property value but for example, on a $1,000,000 home, you are required to have 20% as a down payment ($200,000). This down payment is due on closing day.

On closing day, the deposit actually becomes part of the down payment.

What are the fees when using a realtor to buy a home?

Good news!

Buyers don't pay any commissions in a real estate transaction. All of the commissions are paid by the sellers.