Your down payment is only part of the picture

Published November 4, 2026 · CENTUM Discount Mortgage Canada Inc.

When you start looking for your first home, the down payment naturally gets much of your attention. But your purchase budget needs to go further. Closing expenses can arrive at the same time as moving bills, utility setup and the first mortgage payment.

Build a closing-cost checklist

Ask your lawyer for a written estimate that distinguishes professional legal fees, taxes, disbursements, registration costs and adjustments. Use our Ontario land transfer tax calculator as a starting point, then have your lawyer confirm the actual tax and any first-time buyer refund.

Keep the monthly budget in view

A mortgage payment is only one part of owning a home. Include property taxes, heating, insurance, maintenance and any condominium fees. Leave room for the expenses that do not follow a predictable monthly schedule.

Ask about our legal fee offer

Roy offers a contribution of up to $2,000 toward professional legal fees for first-time buyers who both purchase through his real estate services and arrange their mortgage through the brokerage. The contribution covers professional legal fees only; HST, disbursements and other closing costs are excluded. Confirm eligibility and payment arrangements with Roy in writing before including the contribution in your budget.

Mortgage services are provided by CENTUM Discount Mortgage Canada Inc., Brokerage Licence No. 10686. Real estate services are provided by Roy Singh, Broker, CENTURY 21 Heritage House Ltd.

Further reading: RECO buyer’s checklist

General educational information. Mortgage approval, costs and product terms depend on your circumstances and the lender. Confirm current requirements with Roy.