Budget for more than just the down payment. Common closing costs include: legal fees and disbursements, a home inspection, an appraisal fee (sometimes covered by the lender or broker), BC’s Property Transfer Tax, mortgage default insurance premium plus PST if you’re putting down less than 20%, title insurance, and property tax or utility adjustments owed to the seller.
A common rule of thumb is to budget 1.5% to 4% of the purchase price for closing costs on top of your down payment — the exact figure depends heavily on your specific transaction, so we’ll walk through a full breakdown for your situation before you make an offer.