The hidden costs of buying a property

Published

August 19, 2026

Reading time

min

On top of the purchase price of a property in Quebec, you need to plan for the down payment, notary fees, the welcome tax, the pre-purchase inspection, financing costs, tax adjustments, condo fees if it's a condo, renovations and the move. There is no one-size-fits-all amount. What matters is not putting all your savings into the down payment.

Buying a property in Montréal is a big undertaking, and the asking price is only part of the budget. Whether you're looking for a condo on the Plateau-Mont-Royal, a house in Rosemont–La Petite-Patrie, a property in Villeray, in Ahuntsic or anywhere else on the island of Montréal, several extra costs can pile on top of the purchase price!

As a buyer, knowing these costs well helps you plan your budget and avoid nasty surprises. Here are the main costs to plan for when buying a property in Quebec.

1. The down payment

The down payment is usually the first amount people think of when they plan a property purchase. How much you need depends mainly on the price of the property and the type of building you're buying.

For a first property, some rules may let you buy with a relatively small down payment, but a bigger down payment can reduce how much you need to borrow and, in some cases, the cost of mortgage loan insurance.

Before you start looking in neighbourhoods like the Plateau-Mont-Royal, Rosemont, Villeray or Griffintown, figure out your buying power with a real estate broker and a financing professional.

2. Notary fees

In Quebec, a real estate transaction has to be made official by a notary. Notary fees on a purchase usually cover preparing and reviewing the documents, the necessary checks, drafting the deed of sale and the deed of hypothec, plus various administrative steps.

The amount depends on how complex the transaction is and which notary you choose. Ask for a fee estimate early on.

3. The welcome tax

The welcome tax, officially called property transfer duties, is another big amount to plan for when you buy a property in Quebec.

It is generally calculated based on the value of the property and the rates set by the municipality. In Montréal, it can come to several thousand dollars.

If you're buying your first property, there may also be some help or a refund available depending on your situation. It's worth checking whether you qualify.

4. The pre-purchase inspection

It isn't always mandatory, but a pre-purchase inspection is strongly recommended before you become an owner.

The inspector looks at the general condition of the building, the roof, the foundation, the plumbing, the electrical, the heating and other items that could lead to major expenses.

For a condo on the Plateau-Mont-Royal or in Rosemont, for example, the inspection can also help you understand the condition of the unit and parts of the building.

The cost of an inspection is fairly modest next to the repairs it could uncover.

5. The property appraisal

In some situations, the mortgage lender may ask for an appraisal to confirm the market value of the property before approving the financing.

The fees vary with the type of property, its location and the appraiser hired.

6. Mortgage financing costs

Your mortgage can also come with some fees, depending on your lender and your situation.

These can include appraisal fees, administrative fees or costs tied to certain mortgage products.

If your down payment is below the threshold needed to avoid mortgage loan insurance, a mortgage loan insurance premium may also apply.

A mortgage broker can help you understand the full cost of your financing.

7. Municipal and school tax adjustments

In a real estate transaction, some amounts the seller has already paid may need to be adjusted between the parties.

For example, if the seller paid the municipal or school taxes in advance for a period that also covers part of the time you'll own the property, an adjustment may show up in the transaction documents.

So it isn't necessarily a new bill, but an amount to factor into what you'll need at the notary's.

8. Condo fees

If you're buying a condo in Montréal, don't forget the condo fees.

In areas like Griffintown, Ville-Marie, the Plateau-Mont-Royal or Rosemont, fees can vary a lot from one building to the next depending on the services and amenities.

A building with an elevator, a pool, a gym, indoor parking, a shared terrace or event spaces can have higher condo fees.

It's also essential to read the co-ownership documents to check the state of the contingency fund, the planned work and the financial health of the syndicate of co-owners.

9. Renovations and repairs

The purchase price isn't necessarily the real cost of becoming an owner.

A property may need work as soon as you move in: paint, floors, kitchen, bathroom, windows, roof, or bringing certain items up to code.

Even if you buy a “move-in ready” property, it's wise to keep a financial cushion for the unexpected.

That cushion matters even more for older properties, which you'll find in many of Montréal's sought-after areas like Rosemont, the Plateau-Mont-Royal, Villeray and the Sud-Ouest.

10. Moving and setting-up costs

You also need to think about the expenses that come right after the transaction.

Movers, home insurance, utility hookups, new appliances, furniture, curtains, light fixtures or small jobs can quickly add up.

These expenses are easy to forget because they aren't directly part of the real estate transaction, but they still belong in the overall budget.

How much should you plan for on top of the purchase price?

There's no one-size-fits-all amount, since the costs vary with the price of the property, the type of building, the municipality, the financing and your personal situation.

What matters is to not put all your savings into the down payment. Keeping some money aside for transaction costs and surprises can save you from being financially squeezed after the purchase!