Purchasing a Property

Getting Prepared

The purchase will go much smoother if you do a little 'homework' prior to venturing out for your first viewing.


Understand the current market situation and specifically the sub-category of what you are looking for. Look at recent sales in your category, determine the scarcity of what you are looking to buy and prepare for the offers stage.

Ensure that you are financially ready for the purchase. Talk to a lender, mortgage broker or bank to plan out your purchase and understand all the expenditures that are applicable. Land Trasnfer Tax, Deposit, Legal Fees and upgrades should all be planned for ahead of time.

Needs vs. Wants

Sit down with all 'interested parties' to establish a list of what should be considered a true 'need' vs. a 'want'.  It is easy to get drawn astray when shopping for a new home, property or investment.


Your 'Needs' list should be less than 10 items (in fact, the fewer the better) These are the items like # of bedrooms, home office, school zones and price range.


Your 'Wants' list will be the most contentious list as this includes all of the emotional items that need to be considered. Soaker Tub, Kitchen Cabinets, and Landscaping are great examples of items that should appear on your wants list.

What costs are associated with a purchase?

It is a good idea to layout all of the costs of a home purchase - before you start looking. Your REALTOR should be able to provide you with a calculator to help you figure it out.

Accounting Documents

LAND TRANSFER TAX:  the LTT is a provincial tax paid as a closing adjustment. LTT  generally ranges from 1.2% to 2.4%.  Example - a home purchase of $750,000 would cost you $11,475 in Land Transfer Tax.

LEGAL FEES:  your legal fees for completing a home purchase can range - depending on the complexity of sale, disbursements required and requirements of the purchase. It is a good idea to arrange your lawyer early and establish an estimate for the costs involved.

TITLE INSURANCE: Most lawyers will insist on the purchase of Title Insurance and include the cost in your closing adjustments. 

DEPOSIT: Your deposit if generally due on the acceptance of your offer. Depending on the liquidity of your savings, you will want to arrange for your deposit long before your offer.​

MOVING EXPENSES:  Will you move yourself, call in some favours or hire a mover?  Beasue of the variation of possibilities this is another good item to plan for before you start your search.