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Government of Canada / Gouvernement du Canada

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Finding Details 35% of buyers reported experiencing unexpected costs during the homebuying process. Immediate repairs were the most reported unexpected expense, followed by lawyer fees.

Sample size

  • 4,014

Initiative

Collection dates

  • January 09, 2023 to January 30, 2023

Adopter

Related priorities

This finding relates to the following National Financial Literacy Strategy priorities and target outcomes: 

Priority 1

Communicate in ways people understand

  • Target outcome 1.3
Related headlines
Headline

The costs of homebuying are unclear to many.

Unclear or confusing costs can lead to unexpected financial strain and stress when buying a home. Having a clear understanding of all the costs involved in buying a home is essential to make an informed financial decision, create an effective budget, and avoid unexpected debt.

The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.

Source: Canadian Financial Capability Survey, Mortgage Consumer Survey
Related measures

The measure(s) below make up the Strategy-Aligned Measure (SAM) used to generate this finding. Please note that some SAMs require the use of multiple measures, while others work as a standalone measure. Refer to the Measures Library for more details.

Related

During the homebuying process, did you incur any expenses that you did not expect?

  • Yes
  • No
  • Don’t know / Don’t remember
Related

What was/were the unexpected expenses? Select all that apply:

  • Mortgage loan insurance
  • Land transfer tax
  • Home inspection
  • Lawyer fees
  • Mortgage application fees
  • Immediate repairs
  • Adjustments (pre-paid taxes, utilities)
  • Moving expenses
  • Additional taxes (sales tax on a new home purchase, taxes on Mortgage Loan Insurance premium)
  • Other
Opens in new tabContribute findings and Strategy-Aligned Measures

The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.

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