Down payment and closing costs: building your purchase budget

Plan for the down payment, transaction costs and post-purchase expenses in your real estate budget.

Set your down payment with a lender

The rules and the minimum amount can depend on the price, the type of property and your situation.

Confirm the requirements with the lender and plan the source of your funds with the required documents.

Depending on your file, plan for expenses such as the notary, inspection, moving and financing-related fees.

Applicable taxes and duties, including the property transfer tax (“welcome tax”), vary; check the amounts with municipal and professional sources.

Property taxes, insurance, maintenance and condo fees can be added to your mortgage payments.

A monthly estimate does not necessarily include these expenses. Build a complete cash-flow budget.