In Canada, you should generally budget between of the home's purchase price to cover the combined total of closing costs and prepaids. New Homes Alberta
It is important to distinguish these recurring ownership expenses from one-time transactional fees: which are prepaid costs when buying a home
: This covers the interest that accrues on your new mortgage from the day you close until the end of that calendar month. For example, if you close on the 20th, you will prepay about 10 days of interest. CliffsNotes In Canada, you should generally budget between of