Securing a great mortgage rate is just the first of many things you need to consider. We’re pretty sure you knew this, but homeownership doesn’t come cheap. Here are some of the other things you’ll need to budget for as a prospective homeowner. Land transfer fees: In every province except Alberta and Saskatchewan, you have to pay a land transfer tax once you close the sale on your new home. The exact calculation varies depending on which province you live in, but it’s a cost you’ll need to consider come closing time. Property taxes: A property tax is an annual charge depending on where you live. If you live inside a municipality, you’ll be required to pay a municipal property tax. If you live outside a town or city, you’ll have to pay a provincial property tax. Property taxes can either be rolled into your mortgage or paid in installments depending on the lender you’re working with. Home insurance: While home insurance isn’t a legal requirement in Canada, you’ll be hard-pressed to find a lender to offer you a mortgage contract without it. Home insurance provides compensation in case your home is damaged by unexpected events, such as flooding or fire. Land transfer taxes: These are additional taxes that are calculated as a percentage of the purchase price of the home. Land transfer taxes vary by province, though some municipalities charge an additional land transfer tax. Toronto, for example. Renovations: Here’s one that could actually save you money, if done right. If you choose to renovate your home for accessibility reasons, you may be eligible for the Home Accessibility Credit (HATC), a federal tax credit. Some provinces also have their own accessibility credits. If you’re not careful — if you wind up with a flaky contractor or undertake a DIY project that you don't have the skill to complete — you could wind up costing yourself more money in the long run. And one more thing: Check out our First Time Homebuyers Guide, which will take you through all the extra costs you will likely incur when purchasing a home — and more. The homebuyers guide walks you through the steps of buying a home from beginning to end, starting with the mortgage and ending with closing costs and potential renovations. Our guide is updated annually and includes information about Canada’s current mortgage market.