Condominium Purchase and Recurring Costs

Don’t Forget to Factor These Costs Into Your Budget:

  • Basic purchase price
  • Unit sale price
  • Upgrades (negotiable)*
  • Development charges*
  • GST or HST on the sale price*
  • GST and PST or HST on appliances and other items being purchased with the unit*
  • Utility hookup fees*
  • Landscaping fees*
  • In some provinces, two months’ common expenses to build the reserve fund*
  • Occupancy fees (if you move into your unit before the unit is registered) that may include estimated common expenses based on the disclosure statement budget; estimated realty taxes on the unit; Warranty program enrolment fees*
  • Costs at closing
  • Remainder of purchase price
  • Legal fees and disbursements
  • PST and GST or HST on extras or upgrades to unit finishes, equipment and systems if not included in purchase price*
  • Provincial or territorial land transfer tax, if applicable
  • Adjustments

* May not apply to resale units, since it was already paid and/or factored into the purchase price. There are exceptions. For instance, GST and the federal portion of the HST will apply in some cases.

Recurring Costs:

  • Monthly condominium fees or common expenses (or monthly occupancy fees if you move into your unit before it is registered)
  • Property taxes
  • Unit and contents insurance
  • Mortgage payments
  • Amenity fees, such as storage, pool and extra parking, if not included in the common expenses
  • Utilities (if not included in the common expenses)
  • Telephone, cable and Internet access (if not included in the common expenses)
  • A contingency for emergency repairs
  • Maintenance costs associated with the upkeep of your unit

Other Costs

Occupancy fees (if you move into your unit before the unit is registered) that may include estimated common expenses based on the disclosure statement budget; estimated realty taxes on the unit.

 

Canada

Share...


Print(opens in a new window)