FIRST HOME SAVINGS ACCOUNT (FHSA)
Learn how an FHSA can help you save for a mortgage.
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How much will my home really cost?
December 5, 2019 
6 min read
Are you a would-be home buyer? If so, you’re probably a bundle of emotions—excited and nervous all at the same time. After all, this is one of the biggest purchases of your life. You may already know that you’ll need to determine whether you can afford the mortgage payment—but did you know of the other costs that will need factoring in? Here are all the things you’ll need to consider.
The mortgage payment
The first step on your home ownership journey is to determine how much “house” you can afford. If you’re not sure, a good place to start is with our mortgage calculator. You’ll want to be able to comfortably cover your payments and other home ownership costs, and still be able to meet the rest of your financial commitments.
Down payment breakdown
This is the amount of money that you will put towards the purchase of a home. Although the down payment will ultimately be deducted from the purchase price of your home, you will still need these funds upfront.
Purchase Price
$500,000 or less
$500,000 to $999,999
$1,000,000 or more
Minimum down payment
5% of purchase price
5% of the first $500,000 of purchase price
10% of any amount over $500,000
20% of purchase price
Another pro tip: You can get help saving for your down payment with our One Grand Plan savings program. That’s where if you save consistently with no withdrawals for 36 months, we’ll reward you with $1,000 toward your down payment when you take out a mortgage with us.
Mortgage loan insurance
Mortgages that allow a down payment of less than 20% require you to have mortgage loan insurance and need to be approved by Canada Mortgage and Housing Corporation (CMHC) or Sagen MI Canada Inc. (formerly Genworth MI Canada Inc.). This protects the lender in case you can’t make your payments. You can pay this insurance premium as a lump sum or have it bundled into your mortgage payments.
Mortgage loan insurance
Here are some other required or optional costs you should keep in mind:.
- Home inspection and appraisal fees (optional but recommended)
- Title insurance
- Mortgage life insurance (optional)
- If you’re purchasing a property that has a well or a septic system, there may be costs to have it tested or cleaned
- Property transfer tax if you have owned a home previously. The breakdown on that is 1% on the first $200,000, 2% up to and including $2 million, and 3% on anything greater than $2 million.
- Closing costs (legal or notary fees and expenses incurred)
- Potential repairs or renovations. However, sometimes these can be included in your mortgage. Ask your mortgage specialist for more details.
- Moving costs
- Utility set up (garbage and recycling, hydro, etc.)
Understanding these costs will help you prepare for buying your home. Talk to a mortgage specialist to guide you through the process and get answers to any questions you have.
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Coastal Community Credit Union acknowledges that we are located on the Lands of the Coast Salish, Nuu-chah-nulth and Kwakwaka’wakw ancestors and families, whose historical relationships with the Land continue to this day. We are grateful to have the opportunity to live, learn, work and play in their traditional and unceded territories.
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