10/29/2026
10 ways you can go house poor within six months of buying in Ottawa 👇
1️⃣ Waiving the home inspection to win a bidding war
Skipping it can save you two weeks, or cost you thirty thousand dollars after possession.
2️⃣ Forgetting the Ontario Land Transfer Tax
It's due on closing day, on top of your down payment, not built into your mortgage. First time buyers get up to a $4,000 rebate, anything above that comes straight out of pocket.
3️⃣ Underestimating legal fees
In Ontario a real estate lawyer, not a notary, handles your title transfer and mortgage registration. Budget real money for this.
4️⃣ Skipping the status certificate on a condo purchase
That document tells you if the reserve fund is healthy or if a special assessment is coming for every owner.
5️⃣ Locking into the first home insurance quote
Shop around before your conditions come off instead of settling for the first number you're given.
6️⃣ Underestimating moving day itself
Movers, a truck, storage, cleaning, it adds up fast and it's separate from furniture.
7️⃣ Taking the first mortgage pre-approval
Compare lenders and rates instead of settling for the first offer.
8️⃣ Closing anyway on repairs the inspection flagged
Then paying for them out of pocket the week you move in.
9️⃣ Assuming property tax is automatically bundled into your mortgage
Many Ottawa buyers pay it directly, and it gets reassessed.
🔟 Budgeting the whole plan around "it'll be worth more in a few years"
Instead of what you can actually afford today.
Buying a home is about more than the purchase price. The hidden costs are where people get caught off guard. Let's make sure you go into this with a full picture, not a partial one.
Thinking of buying in Ottawa? Let's talk through your full budget before you start house hunting.
📱 613-797-6669
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