RELATED COSTS TO PURCHASING PROPERTY IN QUEBEC
- Deposit check (certified) with the offer to purchase, which forms part of down payment.
- Notary fees (between $1,100 and $1,350) plus summary costs plus applicable taxes (GST & QST).
- Adjustment of municipal taxes and water consumption taxes (January to December).
- Adjustment of school taxes (July to June).
- Adjustment s may be required for rented equipment (propane tank, hot water heater, alarm system, etc.)
- If the purchased property is a condo, there may be an adjustment for prepaid condo fees and/or an adjustment to the reserve fund, at the closing.
- Oil costs, if applicable. One full tank holds approximately 909 litres at current market rate.
- Transfer (Welcome) tax is based on the higher of the selling price or the municipal evaluation, as follows: 0.5% on the first $50,000; 1.0% on the difference between $50,000 and $250,000; 1.5% on the balance over $250,000. On the island of Montreal only, an additional .5% is charged on any balance over $500,000.
- Appraisal and application fees for mortgage, which typically do not exceed $250 plus applicable taxes. Most banks waive this fee.
- Building inspection fees typically range between $375 and $500 plus applicable taxes. These fees include a written report.
- A Canadian Mortgage and Housing Corporation (C.M.H.C.) premium for a high ratio mortgage (0.5% to 4.25% of the mortgaged amount) plus 9.0% tax on the premium. There is a C.M.H.C. charge of approximately $235 for opening the file.
- Property insurance is mandatory and proof will be required by the notary at the signing.