What are the real transaction costs on my property purchase?
First of all, you surely want to know that the property is in good condition and doesn’t need major repairs immediately, so you will have to have a professional property inspection done. Set aside $500 for a professional building inspection.
Then, when you sign at the notary’s office, you must hand over a certified cheque for the down payment (a minimum of 5% of the price of the house.
Other additional outlays to be made at the notary’s office:
Total: $16,115.60
We did not list the moving or entry costs in the chart (reconnecting the phone, Hydro-Quebec, etc.) because you are probably already familiar with these costs.
If you have any questions concerning the purchase of a property or on mortgage loans, don’t hesitate to contact me for expert advice!
- The 9% tax on the insurance premium (CMHC, Genworth).
- Adjustment payments of property taxes (municipal and school taxes).
- The notary’s fee.
- Other adjustment payments such as the cost of filling the heating oil tank
Inspection |
$500 |
Down payment |
$10,000 |
CMHC premium, a 9% tax on 3.60% de $190 000 |
$615.60 |
Notarial fees |
$1,250 |
Property tax adjustment payments (1/2 of $4000) |
$2000 |
Land transfer tax (taxe de bienvenue) |
$1,750 |