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Blog by Mary Roy

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The Actual Cost of Buying a House

15332777_s.jpgSo you’ve found a perfect house that’s in your price range, your target location, and matches your style. But the question of if you can actually afford it is another thing entirely. Just because a home is in your mortgage price range doesn’t necessarily mean you can afford the actual cost of buying a house. If you’re questioning the actual cost of buying a house, consider the following fees and overlooked aspects to buying a house.

Legal Fees

Legal fees will be some of the most significant of your closing fees in the cost of buying a house. These include fees for reviewing an offer, dealing with the terms of a mortgage, registering for property titles, and similar duties. Lawyers are a necessity when purchasing a home, and so too are their fees.

Home Inspection Fees

Just like lawyers, home inspections are a necessity. Home inspections will let you know if there are any issues with the home that go beyond the obvious visuals, this includes things like: foundation damage, electrical issues, water and sewer issues, roof aging, and so on. Expect to pay anywhere from $350 to $600

Land Transfer Tax

Land transfer tax is a tax that is paid on the purchase or lease of any land in Ontario. Normally this tax is paid on the purchase price of the home, though first time homeowners can be refunded for this tax on their yearly taxes.


If you’re buying a new home you will need to pay GST on the sale of the property. This tax is non-existent for resale and mature properties.

Property Tax

Unlike rental properties, with the ownership of a home comes property taxes. These taxes can be paid in a variety of ways, including combined with your mortgage payments, as a single yearly payment, or throughout the duration of the year. Your lawyer will be able to tell you how much of the property tax has already been paid on your new property, and if you owe the former owners for prepaid taxes.


Depending on your home offer, you may have to purchase your own appliances as the former owners have taken theirs. Though this can be good if you wanted to replace them anyway, they are an additional cost upon moving in.

The actual cost of buying a house can significantly differ from the list price. But purchasing a home is an investment, and you will soon see those fee’s turn into equity you’ve gained in the property. If you’re ready to invest in your future and find the home you’ve always wanted, contact us at Mary Roy and Team today!



Have you ever spent countless hours search through the MLS system seeing the same homes over and over again looking for the perfect home, hoping to find something new?   Then, when you do find what could be your dream home, you call the listing agent only to find out it has already sold?


Mary Roy & Team have been selling homes in the Durham Region since 1987!  Ranked in the top 1% of Realtors across the GTA and Durham Region, we know what it takes to get homes sold fast, and for the most money.We provide each of our clients with a comprehensive plan of action outlining exactly what will be done to get their home SOLD and for the MOST MONEY! We will provide you with up-to-date information on your marketplace, as well as the price and details of competing properties.