Real Estate Agent with Scott Owens Limited

Many 1st-time buyers are unaware of the additional costs that are incurred when closing a Real Estate transaction, with the exception of the down payment.  There are several costs that you will need to be aware and have funds set aside for, as closing costs can accumilate to the tune of about 3-5% of the purchase price and are in addition to the down payment.

Your agent will normally explain the additional costs to you, but I thought I would publish the list of costs that I give to my buyers within the first two meetings with them.  The list below is, by no means, comprehensive; it is merely intended to give 1st-time buyers a general idea of what the average closing costs for a home are.


Estimated Amount

When Payable

Mortgage Application Fee and/or Property Appraisal


Time of Closing

Legal fees

$500-$1200 + HST

Time of Closing

Fuel Oil Adjustment

$ 900-$1,200

(Full tank of oil)

Time of Closing

Propane Adjustment


Time of Closing

Tax Adjustment

Taxes Prepaid by Vendor

Time of Closing

Condo Fees(if applicable)

Usually One Month Fee

Time of Closing

Survey/Location Certificate


2-3 weeks prior to closing

Land Registration

$ 700 - $1,500

Usually the responsibility of the Seller, but if the buyer is selling (or refinancing) their present property, they must pay to have their own property done.

Home Insurance


Arrange with Insurance Company

Deed Transfer Tax

Up to 1.5% of the purchase price (Municipality Rate)

Time of Closing

Water Test(if on a well)

$60-$250 + HST

2-3 Days After an accepted Agreement

Property Inspection

$300-$450 + HST

2-5 Days After an Accepted Agreement

Mortgage Insurance

(if mortgage amount is greater than 75% of price or appraisal)

Max 3.75% of Mortgage


When Mortgage funds are released (usually included in Mortgage so not applicable at time of closing)

Miscellaneous Expenses

Costs Vary: Includes electricity, phone, cable, water hookups; changing of locks, moving expenses, etc.

Time of Closing

Please note that these costs are ESTIMATES only, based on an average-priced property and may vary significantly.


So, to all of you out there looking for your first home: I hope that you find this list helpful.  Like I said before, there may be other costs that are not included in my list; please talk to your agent about location-specific closing costs.


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Larry Estabrooks
Independent Real Estate Agent - Moncton, NB
100% representation = undivided client loyalty

Hello Scott and welcome to the Active|Rain community. You've made a big step to distinguish yourself from the majority of real estate licensees by blogging about real estate. So I'm inviting you to join an active|rain group, one comprised of your fellow Canadian REALTORS® who are also blogging on Active|Rain , the Canada, eh group - When I login on, I always check the Canada, eh group first to read the Canadian perspective since Canadian bloggers are so much easier to find on the group home page. And please include any of your posts with a Canadian angle by also posting them to the group. (although please no postings in the group about properties for sale) Should you decide to join the Canadians, then let me say "Welcome!" Larry, group founder and moderator, Moncton, New Brunswick

Aug 23, 2008 09:53 AM #1
Scott Owens
Scott Owens Limited - Halifax, NS

Thanks for the invite Larry - I have joined the group, and will be sure to visit often.

Aug 23, 2008 01:10 PM #2
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