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Buying a home and worried about extra costs? Here is a guide for what to expect.

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The process of buying a home is more than just putting down your down payment, moving in and starting to make payments. Here are some of the other costs you will need to be aware of when you are considering purchasing a home.

Home Inspection Fee

Getting a home inspection can save you a lot of money in the end should the home inspector discover a major issue with the home. You may be able to catch some defects on your own, but a trained home inspector will be able to catch issues that may otherwise go unnoticed and provide a rough estimate of the cost of repair. A home with serious defects such as major foundation issues or wiring that is not up to code can be extremely expensive to repair and you may decide that the home is not worth the hassle and expense required.

On average, a home inspection will cost you about $500, though it can vary depending on the size of the home being inspected.

Mortgage Default Insurance

If your down payment is less than 20% of the purchase price, you will be required to purchase mortgage default insurance through CMHC. The premium is calculated based on your down payment as a percentage of the purchase price and can be paid up front or included in your monthly mortgage payments.

Closing Costs

We suggest that people budget for an additional 2% of the purchase price, over and above their down payment, to handle closing costs. Closing costs include land transfer tax, legal fees, property tax adjustment, and a 30-day interest adjustment.


If you plan on hiring movers or a moving van, you will need to set additional funds aside. Keep in mind that movers generally charge based on both the amount of stuff you need to move as well as the distance you are moving.

Home Insurance

You never know when something will happen, so home insurance is essential to protect yourself from some of the more unpleasant things that can occur. Cambrian partners with CUMIS Insurance for our members’ insurance needs.  Get a 30-second insurance quote. 

Renovation Costs

If you decide to buy a fixer-upper, you will need to have some extra money saved up in order to pay for the cost of renovations. Keep in mind that not all renovations have to be done at once, so you can space out both the work and the cost over several years, allowing you time to save funds for each project. You also have lending options, including a mortgage secured line of credit  to help cover the cost of future renovations.