It’s important to remember that when you go to purchase an owner occupied home that the minimum down payment is 5%. However the mortgage lender likes to see that you have 1.5% of the purchase price for closing fees. What do closing fee’s consist of? 
1) Property Transfer Tax: as a first time buyer, you might be exempt from this fee.
2) Appraisal: not always needed. Important to note that if the insurer request the appraisal, they will cover the fee. If the mortgage lender request the appraisal, it’s up to you to cover the fee.
3)Legal Fees: This can vary depending on if you are using a Notary or Lawyer.
4) Home/Fire Insurance: This can be paid annually or monthly. This is mandatory.
5)Home Inspection: Not mandatory but recommended.
6) Prepaid Cost: If the seller has paid property taxes, water bills, or utilities in advance, you’ll need to reimburse them at closing.
7) Title Insurance: Majority lenders now ask for title insurance. This is something your solicitor will set up for you and it helps safeguard you against fraud and problems with your property.
It’s always a great idea to come in for a pre-approval once starting to shop for a home as we will discuss these cost and get a better idea of the type of home that you are interested in and we can discuss what expenses might come up.