1. Purchasing a home involves one-time costs and monthly expenses.
2. The largest one-time cost is the down payment. It usually represents between 5-20% of the total price of the property.
3.According to CMHC and GE Capital, one should have, in addition to the down payment, at least 1.5% of the purchase price for closing costs (we say 2-2.5%, just to be on the safe side). The costs vary across provinces, and for that matter, cities.
2. The largest one-time cost is the down payment. It usually represents between 5-20% of the total price of the property.
3.According to CMHC and GE Capital, one should have, in addition to the down payment, at least 1.5% of the purchase price for closing costs (we say 2-2.5%, just to be on the safe side). The costs vary across provinces, and for that matter, cities.
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