Are you planning on buying a house in Canada? 🍁 This video reveals the HIDDEN COSTS you absolutely NEED to know about before you buy! Learn about every cost associated with purchasing a property in Canada, from down payments to closing costs and everything in between. What We'll Cover:

• Down Payment Requirements: Learn the minimum down payment rules for homes under $500,000, between $500,000 and $1.5 million, and over $1.5 million. We'll do the calculations so you know exactly how much cash you'll need. (5% down payment, 10% down payment, 20% down payment)
• Mortgage Default Insurance (CMHC Insurance): If your down payment is less than 20%, you'll likely need CMHC insurance. We'll explain how it works, how much it costs (4%, 3.1%, 2.8% premiums), and how it impacts your mortgage payments.
• Land Transfer Tax (LTT): A MAJOR expense that varies by province. We'll cover provincial land transfer taxes and the double land transfer tax in Toronto. First-time homebuyer rebates are explained!
• Legal Fees and Title Insurance: Understand the role of a real estate lawyer and the cost of their services (typically $1,500-$3,000). We'll also discuss title insurance (one-time cost of $300-$500) and why it's essential.
• Home Inspection and Appraisal Fees: While not always mandatory, these are highly recommended. We'll cover typical costs ($400-$700 for inspection, $300-$500 for appraisal) and why they're worth it.
• Property Taxes, Condo Fees, and Home Insurance: The ongoing costs of homeownership! We'll discuss how property taxes are calculated, typical condo fee ranges ($300-$1,000/month), and home insurance costs ($50-$200/month).
• Moving Costs and Utility Hookups: Don't forget these often-overlooked expenses! We'll cover typical moving company costs ($1,000-$3,000) and utility setup fees ($100-$500).
• Closing Costs: A general term of many of the costs we discuss.