Closing Costs: Budget Beyond the Down Payment

Your down payment isn't the last cheque you'll write. Legal fees, taxes and adjustments can leave you short if you don't plan for them.

The short answer: Not all closing costs can be added to your mortgage, so plan to pay some in cash. Ask us what can be financed, and ask your lawyer how much you'll need at closing.

Costs to plan for

Lawyer or notary fees
Registration fees
Property transfer tax (BC) or land title fees (Alberta)
Title insurance
Appraisal and home inspection
Condo document fees
Moving and utility setup

Ask your lawyer for an estimate for your actual purchase. Don't rely on a percentage someone else paid.

Adjustments

If the seller prepaid property taxes or condo fees, you may need to pay them back for the time after you take possession. Your lawyer will explain this on the statement of adjustments.

Exemptions aren't guaranteed

First-time buyer and new-build tax exemptions depend on things like price, residency and whether you've owned before. Don't count on one until it's confirmed.

Keep a cushion

The first few weeks bring their own costs: new locks, moving, utility deposits, insurance and urgent repairs. Keep some cash set aside instead of putting every dollar toward the down payment.

Related guides

Let's talk it through

Book a call and we'll go over your options with you.

Alberta: 587-900-0036 | BC: 604-200-3228

These guides are general information, not a mortgage offer or personal advice. Every approval depends on lender review of your income, credit, property and documents. Elevate Lending, powered by BRX, serves clients in Alberta and British Columbia.