Purchase guide

Costs to consider when purchasing your home

Appraisal fee

$150 - $200

Fee for determining the property lending value for mortgage purposes (this is not necessarily the same as the property's selling price).


Building inspection fee

$300

Your home structures and systems are examined by an inspector who then provides you with a written report. Although not obligatory, building inspections are often one of the conditions on the Offer to Purchase.

Property survey

$750 - $1, 000

The survey indicates boundaries and measurements of the land and positions of major structures and any visible or registered easements (i.e. driveways) or encroachments (i.e. neighbour's fence) on the property.

Legal fees and related expenses

$1,300 - $2,500

Ensure your notary's quote includes all related expenses, not just legal fees.

Insurance costs (for high-ratio mortgages)

about 3.75% or the principal (plus all applicable fees)

Applicable for any mortgages with a downpayment that is less than 25% of the property's purchase price.

Title insurance

$250

This is optional and covers problems that may arise due to survey irregularities, power of sale issues, undischarged mortgages and other issues relating to the property's previous owners.

Interest adjustments

$100 - $1,000

You must pay interest on any gap between the closing date of the purchase and the first mortgage payment. You can avoid these adjustments by arranging to make your first monthly mortgage payment exactly one payment period following your closing date.

Prepaid property tax and utility adjustments

$400 - $500

You must reimburse the vendor for any prepaid property taxes or utility bills

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Home insurance

$450 / year

Home insurance protects your home and its contents.

Mortgage life insurance

cost may vary

This is an optional insurance product. It protects your family's financial security by paying off all or a portion of your mortgage in the event of premature death of you or your spouse.

Sales tax

7% (TPS/PST)

Generally, GST is charged on new homes, but not on resale properties. Always ask before signing an Offer to Purchase.

Land transfer tax (if applicable)

$2,000

Levied in certain provinces whenever a propety changes hands. In certain cases, first time homebuyers may be exempt from a portion of this cost.

... don't forget to consider general expenses such as moving and home decorating costs!!



Sutton Québec – Main Office

We are committing ourselves to guide you through the purchase, the sale or the renting process of a property. We have become a leader in the industry. Sutton now means trust and service excellence.



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