Start-up costs

How much will you need to cover you start-up costs? Use our calculator to estimate your start-up costs when you buy a property.

Aside from the initial downpayment, be sure to set aside approximately $5,000 to cover start-up costs. Here are a few examples of what kind of costs to expect:

Inspection fees

Before purchasing an existing home, be sure to have it inspected by a specialist. A detailed report will tell you if the house is in need of any short- or long-term repairs and inform you about the existence of any hidden defects that may pose problems in the future.

Appraisal fees

Your caisse will need to know the real value of the property you wish to acquire. An expert, usually a chartered appraiser, performs an evaluation and issues a report on the true market value of the property.

Notary fees¹

The preparation, signing and registering of the various legal documents related to the purchase of a property requires the expertise of a notary¹. These fees are your responsibility. It is advisable to ask for a number of estimates before deciding on a notary because fees vary a great deal from one professional to another. If necessary, ask your Desjardins caisse for references.

What's more, additional fees and adjustment costs need to be paid upon closing the sale at the notary's office. These include property and school taxes, electricity and natural gas bills, and condominium charges, if applicable. The notary is responsible for calculating these fees as of the date of purchase.

1. A lawyer for Ontario residents.

Transfer fees or "welcome tax"

Once you have taken possession of your property, you will have to pay a transfer tax², which is a sales tax based on a set percentage of the property's purchase price. The tax applies to all new owners and must be paid to the municipality.

2. Transfer tax for Ontario residents.

Other fees

• Home insurance for your new property (usually higher than when you were renting).
• Mortgage loan insurance.
• Property survey fees, if needed.
• Sales taxes on new homes.

And don't forget moving costs! You may also want to decorate, buy new furniture or furnish your patio or garden. Just a few things to keep in mind.