If you are planning to buy real estate in Montreal, below are some of the expenses you need to budget for.

Before finding the optimal property, it is important to crunch the numbers and figure out what you are comfortable spending, as well as what the bank is comfortable lending you.

One-time costs that you will incur in purchasing a home include:

• Home inspection (often between $400-800)
• Down payment (generally 5-20%, depending on the type of purchase)
• Mortgage insurance if downpayment is less than 20% (added to the mortgage)
• Notary (often between $1,200-1,400)
• Adjustments (this is calculated by the notary, so that the buyer refunds the seller for costs that have been paid for past the sale date, such as condo fees, municipal and school taxes)
• Moving expenses
• Welcome (or land transfer) tax. Try our welcome tax calculator!

Be sure to consider whether you’ll need appliances, furnishings, or professional help (painter, handyman, contractor, or interior designer, to name a few) to help you get your new home set up.