Closing Costs
Buying a Home can be expensive. To be sure you are prepared for the inevitable costs involved, it is recommended that you have saved enough for your Down Payment of 5% - 10% (or more if that's in the plan) PLUS an additional 1.5% for Other Expenses. Typical "Other Expenses" on a Home Purchase are:

Closing Costs

6.5% of the Purchase Price

  • 5% Down Payment

  • 1.5% Other

  • Moving Expenses - Depends on the extent of the service you will require and most will provide a free quote.

  • Other Inspections - The home you want to buy may need a Chimney inspection, a Furnace Inspection, or a Structural Engineer adding additional expense to your closing costs. Having some extra money saved will alleviate this type of stress as you are going through the process.

  • Home Inspection - $425 paid at the time of inspection.

  • Appraisal - Approximately $550 [If Required] depending on various factors and Not Paid by the financial institution you are using. If the Bank does pay for it, they may add it to your Mortgage.

  • Legal Fees - Approximately $2000 - $3000 depending on various factors.

  • Property Taxes - These are adjusted by the Lawyer on Closing Day and depend on various factors.

  • Home Insurance - Approximately $150 - $300 per month depending on various factors and needs to be in place for the Mortgage Proceeds to be Advanced. 

  • Utility Hook-ups - Depends on if you have accounts with the utility companies, or if you will be a new customer.

Saskatoon Home Buyer Closing Costs to Expect