Costs to expect when buying a property in Quebec

Anticipate the costs of the transaction and of owning the property to build a budget that goes beyond the purchase price.

Transaction costs

Depending on the property and financing, your budget may include notary fees, an inspection, an appraisal, financing fees and moving expenses.

Property transfer duties (the “welcome tax”) and other applicable costs depend in particular on the municipality and your situation. Check the amounts with the appropriate sources.

Expenses after taking possession

Plan for recurring costs: property and school taxes, home insurance, heating, maintenance and, where applicable, condo fees.

For a condo, review the building’s documents, the fees, planned work and contributions to the contingency fund.

Make a list specific to the property

Needs change with the age, condition and type of building, and the renovations you are considering. Ask for the available documents and have the relevant items checked.

A personalized budget is more useful than a general estimate. Have the expenses confirmed by the relevant professionals.