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Understanding Immediate Purchase Costs

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Here is a list of costs you will have to consider for home purchases in Quebec:

Down payment: Anywhere above 5% of the purchase price of a house or duplex, and above 10% for a triplex.

Notary Costs: 1000- 1500$

Certificate of Location: 700- 1500$

Welcome Tax (Property Transfer Duties): 0.5% on the first 50 000$  and 1% of the property value between 50 000$ and 250 0000$, and 1.5% of the value above 250 000$

Lease Cancellation: (varies if applicable)

Mortgage Insurance: .5% – 2.9% of the total amount of the loan.

Inspection Fee: 500$ or more.

Home Appraisal Fee: This is done for free by brokers, and some financial institutions, but paying a professional appraiser will cost you about 350$

Other varying fees: condo fees, moving, furnishing, municipal and school taxes.

These are all costs you’ll have to pay during the initial phases of the purchase. The most important cost to consider, however, is the mortgage.

Mortgage costs vary according to interest rate, amortization period and downpayment. Refer to our mortgage calculator on our website to check your monthly mortgage costs for any given property.

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