EXPENSE CHECKLIST DURING THE PURCHASE OF A NEW PROPERTY

Your banking institution could require a property evaluation and charge you for it, i.e. approximately $400.

Land taxes; you will have to assume the municipal and school taxes of the property you buy, and refund the portion already paid by the seller for any time following the transaction.

Transfer tax (la taxe de Bienvenue); you will receive the account to pay in the months following the sale and the amount is based on the highest between the municipal evaluation and the selling price. Your real estate broker will be able to help you to calculate the amount.

The building inspection carried out by a professional, varying from $400 to $600.

The property insurance – you will have to ensure the building and your goods.

The mortgage insurance; if you put less than 20% cash down, your loan will have to be assured by the CMHC. This amount will be added to your mortgage and will be refunded monthly with your mortgage payments.

The move; add approximately $100 per hour for a truck and three men.

Notary expenses; you will have to pay the notary any expenses connected to the Notarial Act and the Mortgage Deed and can vary between $600 and $1500.

Expenses connected and/or transfer for some of your services, such as telephone, cable, Internet.