The 5 Costs Buyers Forget

Buying your first home in the Greater Toronto Area involves more than saving a down payment. Buyers often overlook land transfer taxes, legal fees, title insurance, inspection costs, immediate repairs, moving expenses, utility setup and the ongoing cost of maintaining a property. Toronto purchasers may also face both provincial and municipal land transfer tax. Building these items into your budget early can prevent stressful surprises after closing. Before submitting an offer, review a complete cost estimate with your lender, lawyer and real estate professional, and keep an emergency reserve for the unexpected.