A good article on the costs involved in a real estate transaction that many people tend to overlook found in the Globe and Mail on March 14th 2012.
The following is a list of costs to consider when analyzing your real estate budget:
1. Selling costs (realtor fees or marketing fees or combo of both if listing on MLS for self. (Yes, you do still have to pay a realtor their commissions if they bring you a buyer, even if you use the $100 listing services, etc.)
2. Land transfer tax on new purchase
3. Mortgage penalties for early cancellation (if any)
4. Insurance (paid up front on new purchase before title transfer)
5. Transfer of utilities
6. Moving costs
7. Renovation of new house before move-in (light or heavy)
8. Carrying of two mortgages during transition
9. Appraisal of new property for financing
10. Real Property Report (or survey) to confirm property conforms to city regulations or title insurance
11. New window coverings (often current won't work at new house and this is forgotten).
12. Legal costs for sale and purchase