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What to do, what to see? In Port Alberni, BC

Closing Costs when buying a home. Do you know what to expect?

Posted on Aug 30, 2012 in Mortgage Market Updates and News

Port Alberni mortgage broker

I can't tell you how many home buyers I see come in who've saved and saved and saved their money to get to that 5% down payment and have nothing left, not knowing they're going to need more for closing costs. Unfortunately, depending on your area, and whether or not you've purchased a home before, closing costs can be a huge cost on top of your down payment and monthly mortgage payment. It's very important to know upfront what to expect and how much to budget for. CMHC recently put out a itemized list to give people an idea of costs to think about when purchasing a home and registering a mortgage. Here are a few things to consider:
  • HST/GST if the home is brand new or substantially renovated (sometimes this can be included in the mortgage to avoid the upfront cost)
  • Appraisal, if required
  • Home inspection if required by lender or opted for by purchaser
  • Deposit - while this does come off your down payment you need to make sure you have it upfront before closing, most deposits are required at time of offer or subject removal
  • Land registration
  • Legal fees - these can vary depending on your area and whether you use a lawyer or notary
  • Default insurance on your mortgage (CMHC fees) typically included in mortgage
  • Property tax adjustment if buying in the second half of the year
  • Property transfer tax if you're buying in BC and are not a first time home buyer 
  • Title insurance - required by some lenders
  • Home insurance
  • Moving costs - truck, boxes, movers, etc
  • Applicances if the home you're buying is brand new and doesn't have them
These are just some of the costs that could be applicable when you purchase as new home. Don't be scared away, I've seen closing costs as low as $700, but on the other end, I've seen them over $10K as well. So it's important to talk to a mortgage broker before you start shopping to look at your specific situation and get an idea of what type of costs you'll be looking at.

Call Sharie Marie Francoeur - Mortgage Professional with TMG The Mortgage Group Canada Inc today at 250.730.0239 or email to get an idea of your closing costs.


I'm looking forward to connecting. Due to being in and out of meetings both for council and business, email is typically the best way to get in touch with me. If you prefer to call, that's fine as well, it just may take me slightly longer to get back to you. Texting is also welcomed.
  • TMG - The Mortgage Group Canada Inc.
    4201 Johnston Road, Port Alberni, BC, V9Y 5R2
  • Cell: 250.731.8735
  • Fax: 1.877.474.5346
  • Email:

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