Buying a property is a significant investment that requires careful financial planning. Whether you’re a first-time buyer or not, understanding the fees associated with purchasing a condo, house, or income property is essential to avoid unpleasant surprises. Here’s a complete guide to help you understand and anticipate these costs.
When buying a property in Montreal, notary fees are an unavoidable expense. Their cost generally varies between $1,500 and $3,000, depending on the complexity of the transaction and the services required.
What do notary fees cover?
Why do fees vary?
The final amount depends on several factors, such as the type of property (condo, single-family home, income property), the existence of a mortgage, or the reputation of the notary. To get the best value for money, it is recommended to compare several professionals.
Transfer fees, also called Welcome Tax, are calculated based on the purchase price of the property or the municipal assessment (whichever is higher).
For the year 2025, the rates of real estate transfer taxes (commonly called the "Welcome tax") in Montreal are as follows:
Thus, for a property valued at $800,000, the transfer taxes would amount to $11,392.00 in 2025.
Buying a property involves much more than just the purchase price. It’s crucial to account for additional costs that can quickly add up, such as the welcome tax, inspection fees, and notary fees. These expenses, often overlooked by buyers, can significantly impact your overall budget. In this section, learn more about the key costs to anticipate to better plan your purchase and avoid unexpected surprises.
Having a property inspected is a crucial step in identifying possible problems before purchasing. The average cost of a building inspection for a duplex in Montreal varies depending on several factors, including the size, age and complexity of the building. According to available information, prices are generally between $750 and $1,250.
When the down payment is less than 20% of the purchase price, CMHC mortgage insurance becomes mandatory. It protects the lender in the event of default. The cost of this insurance varies depending on the size of the down payment and the mortgage, generally ranging from 1.80% to 4.00% of the amount borrowed. These fees may be added to your mortgage.
The price of moving to Montreal varies depending on several factors, including the size of your accommodation, the time of year and specific services. On average, hourly rates range from $105 to $170 per hour, with higher costs during peak season (May through June and July 1). For an average-sized apartment (3½ or 4½), the cost can be between $520 and $600, while a house move can range between $650 and $1,050. Additional charges apply for services such as packaging, or shipping of special items. Don't forget to compare quotes to get the best price and service.
Planning Your Expenses for a Successful Purchase
Buying a property is much more than just a transaction. It’s a major financial investment that requires careful preparation. Beyond the purchase price, there are many additional expenses, such as the welcome tax, inspection fees, and moving costs. If not properly anticipated, these costs can cause financial stress or unexpected surprises.
Planning these expenses ahead offers several advantages:
In short, proper planning will allow you to move forward with your real estate project confidently, with a clear understanding of your financial commitments.
Residential and Commercial Real Estate Broker
Claudya Généreux Inc.
3299 rue Beaubien Est
Montréal, Québec, H1X 1G4
