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:

• 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

Lastly, you will receive a bill from the municipality for the land transfer tax (usually known as the “taxe de bienvenue” in Quebec) 1 to 3 months after signing at the notary. Below is an example of the financial outlay on the purchase of a $200,000 property with a 5% down payment, i.e. $10,000:

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

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!