Transcript: Smart Budgeting

[Music plays in the background.]

[A Sold sign displays “Home advice that pays off, Episode 1”. A hand flips the sign and it displays “Presented by Scott McGillivray and CIBC.” The hand flips the sign again and it displays “Smart budgeting.” The CIBC logo.]

Scott McGillivray: You’ve decided how much money you’re willing to spend on purchasing a home. But don’t forget about all the closing costs associated with actually purchasing that property.

[Scott McGillivray stands in a dining room.]

Have a look at your home inspection report. If there’s any immediate repair and maintenance required, make sure you can afford it.

And then there’s closing costs, taxes, land transfer fees, insurance, legal.

These things can add up to 4% of the purchase price of your home. So in closing, you can’t afford not to budget.

[Music plays in the background.]

[Scott walks away. For more home advice, visit cibc.com/mortgages or #CIBCHomeAdvice. The CIBC logo.]