You will find below a list of items for which you will be asked to make additional disbursements over and above the sale price. It is essential that you plan for these amounts in advance as part of the purchase of your new home.
The notary’s fees :
between $1,000 and $1,500, plus summary fees, plus applicable taxes (GST & PST)
Adjustments on municipal taxes :
(from January 1 to December 31)
Adjustments to the school tax :
(from July 1 to June 30)
Adjustments on heating oil :
if applicable (approximately 900 liters for a full tank, invoiced at the current price, i.e. the number of liters (x) multiplied by the current price/litre)
LAdjustments on condominium fees :
If the property purchased is a condominium, there will be an adjustment to the monthly condominium fees.
The welcome tax (transfer tax) :
Payable to the municipality within 30 to 60 days of acquisition, the amount is established according to a percentage scale, either on the purchase price of the property or on the municipal assessment. For the City of Montreal, the amount of taxation is calculated according to the following brackets:
- 0.5% on the first $50,000
- 1.0% between $50,000 and $250,000
- 1.5% between $250,000 and $500,000$
- 2.0% between $500,000 and $1,000,000
- 2.5% for excess amounts
Mortgage appraisal and application fees
They are usually offered free of charge by financial institutions. It should be noted that some institutions may charge an amount of approximately $250 to $350, plus applicable taxes, for such a service.
Prices for the services of a home inspector
They range from $350 to $650 for a written report, plus applicable taxes (GST & QST), depending on the type of building, the age of the building and the sector.
Loan Insurance Premium :
If the buyer does not have a down payment of 20% or more, a premium of between 0.5% and 4.25% of the loan amount will be added and included in the amount of the loan granted by the lender. The buyer will also have to pay a 9% tax on the total amount of the mortgage loan insurance premium.
