Buying a Home in Brantford? Watch Out for These Hidden Costs
Buying a home in Brantford is an exciting milestone, but the final price tag goes beyond just the listing price. Many buyers get caught off guard by additional expenses that can add up quickly. It’s not just about the mortgage—there are a lot of moving parts, and missing any of them could mean unexpected financial stress.
The good news? With the right preparation, you can avoid surprises and step into your new home with confidence.
Land Transfer Tax – A Cost Many Buyers Forget
One of the biggest upfront costs when buying a home in Ontario is the land transfer tax (LTT). This tax is based on your home’s purchase price and can be a significant expense:
- 0.5% on the first $55,000
- 1.0% on $55,000 to $250,000
- 1.5% on $250,000 to $400,000
- 2.0% on amounts above $400,000
First-Time Homebuyer Rebates and Savings
If you’re a first-time homebuyer, you may be eligible for a rebate of up to $4,000, which could cover your entire LTT cost, depending on the price of your home. That’s money back in your pocket when you need it most.
Check out our First-Time Homebuyer Guide for expert insights and tips to make the process smoother.
Legal Fees & Closing Costs – More Than Just Paperwork
Hiring a real estate lawyer is a must when purchasing a home. They handle the paperwork, title transfer, and ensure everything is legally sound. Expect to pay $1,500 to $3,000 in legal fees.
Additional Closing Costs to Budget For:
- Title search & registration
- Deed transfer
- Adjustments for prepaid property taxes & utilities
These costs may seem small, but they add up fast, so it’s best to factor them into your budget.
Home Inspection & Appraisal – A Small Cost for a Big Peace of Mind
Why a Home Inspection is Essential
You don’t want to find out after you’ve moved in that your dream home needs thousands of dollars in repairs. A home inspection typically costs between $300 to $500, but it’s a small price to pay for peace of mind and negotiating power.
Understanding Home Appraisal Fees
If you’re getting a mortgage, your lender may require a property appraisal to confirm its market value. This can cost anywhere from $300 to $600. Skipping this step could result in a nasty financial surprise if the home is valued lower than expected.
Mortgage-Related Costs – More Than Just Monthly Payments
CMHC Insurance Costs for Buyers with Low Down Payments
If your down payment is less than 20%, you’ll need to pay Canada Mortgage and Housing Corporation (CMHC) insurance. This can add thousands to your mortgage over time.
Use the CMHC Mortgage Insurance Calculator to estimate your cost based on your down payment and home price.
Additional Mortgage-Related Costs to Consider:
- Origination fees – Some lenders charge a fee to set up your mortgage.
- Prepayment penalties – Paying off your mortgage early? You might face fees.
Property Taxes & Utility Adjustments – More Than Just Your Mortgage
Before closing, you may have to reimburse the seller for prepaid property taxes and utility bills.
- Brantford’s property tax rate is approximately 1.2% of the home’s value per year.
- Utility companies may require deposits when setting up hydro, gas, and water services.
These costs might not seem major at first, but they can impact your budget significantly.
Moving Costs – DIY or Professional Movers?
Moving Costs: DIY vs. Professional Movers
- Renting a moving truck: $100–$300
- Packing supplies & boxes: $50–$200
Costs of Hiring Professional Movers
- Local move: $1,000–$2,500
- Long-distance move: Even higher
Moving is stressful enough without last-minute surprises. Planning ahead and comparing costs can help you make the best choice for your budget.
Home Insurance & Ongoing Maintenance – Protecting Your Investment
The Importance of Home Insurance
Your home is one of your biggest investments, and home insurance helps protect it. Most lenders require coverage, which typically costs $1,000–$2,500 per year.
Budgeting for Home Repairs and Maintenance
Even a brand-new home will have maintenance costs. A good rule of thumb is to budget 1–3% of your home’s value annually for maintenance.
This includes:
- Roof repairs
- HVAC servicing
- Plumbing fixes
These expenses can add up quickly if you’re not prepared.
Condo Fees & Extra Expenses (If Applicable)
If you’re purchasing a condo or townhome, you’ll need to budget for monthly condo fees.
- These fees cover maintenance, amenities, and reserve fund contributions.
- Costs range from $250 to $600 per month, depending on the building.
Renovation & Customization Costs – Making Your House a Home
Even if your home is move-in ready, you might want to make it your own with some upgrades:
- Painting: $1,000+
- Flooring updates: $2,000+
- Landscaping & exterior improvements: $2,000+
Buying an older home? A renovation budget is a must-have to cover those unexpected updates.
Plan Ahead to Avoid Unexpected Homebuying Costs
Owning a home is more than just paying a mortgage—it’s about planning ahead for all the little (and big) costs that come with it. The last thing you want is to stretch your budget too thin and regret your purchase.
Brolly Group believes in making the home-buying process stress-free. We’re here to guide you through every step, from budgeting to closing, so you feel confident in your investment.
Get in touch with our team today by contacting us and let’s find your perfect home together.
Your dream home should bring joy, not financial stress—let’s make sure it does.
