If you’re a first-time buyer in Ottawa, saving for the down payment is a huge step, but it's not the finish line. I see it all the time: buyers get caught off guard by extra costs they weren’t expecting, and it creates stress at the worst time.
Let’s break down what I always walk my clients through: the hidden costs of buying a home, how much to budget for them, and when they hit your account.
Closing costs add up fast, and they’re not optional
The most overlooked category? Closing costs. In Ontario, these typically range from 1.5% to 4% of the purchase price, depending on the property, lender, and location.
They include:
Land transfer tax
Legal fees
Title insurance
Prepaid utilities, taxes, or condo fees
Adjustments and disbursements
So if you’re buying a $600,000 home, you should budget $9,000 to $24,000 on top of your down payment. I always help my buyers build this into their plan from day one.
You can see a clear breakdown from Ratehub here.
Home inspections and unexpected repair costs
A good home inspection in Ottawa typically costs $400–$600, and it's money well spent, especially on older homes where issues like knob-and-tube wiring, moisture in the basement, or roof age aren’t obvious.
What’s more, the inspection might uncover repairs that need to happen immediately. If that’s the case, you’ll want to have an extra buffer ready.
NerdWallet explains why inspections are essential here.
Land transfer tax: rebates don’t always cover it all
Ontario offers a land transfer tax rebate of up to $4,000 for first-time buyers. But depending on your purchase price, that might not cover the full amount.
For example: on a $650,000 home, land transfer tax in Ontario is roughly $9,475, meaning you’d still owe about $5,500 even after the rebate.
You can verify rebate details directly on the Ontario government website.
Post-purchase costs most people don’t see coming
Once the deal closes, there’s still a lot to budget for, and these costs often sneak up:
Utility hookups and account transfers
Moving expenses or temporary storage
Property insurance premiums
Window coverings, light fixtures, or appliances
Tools, lawn care, snow removal, basic maintenance items
In many cases, first-time buyers spend $3,000 to $6,000 getting fully moved in and set up.
How I help buyers in Ottawa avoid these surprises
Every client I work with gets a custom “total cost breakdown”, including:
An estimate of closing costs based on your price range
A home inspection budget
Realistic estimates for move-in and setup costs
A smart reserve target so you’re not running on empty after closing
I don’t want you just to buy a home, I want you to own it with full confidence.
Bottom line
Your down payment is just one piece of the puzzle. The real pros plan for everything else, and that’s where I come in.
If you want a full breakdown of the actual cost of buying based on your price range and ideal neighbourhood in Ottawa, let’s walk through it together. I’ll make sure you’re not just pre-approved, you’re fully prepared.
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