Bahador AbadiBahador Abadi – In this article I will try to outline a few costs that you need to consider when shopping for your dream home. These tips are particularly useful for first time home buyers, but some may be helpful even for the real estate investors.


Real estate Brokers:

In general, as a buyer you do not pay the brokers since their commission is paid by the sellers. However, some brokers may require you to sign a buyer’s contract with them. This will be an agreement between you and your broker and it will show that you are indeed a very serious buyer and you will not waste their time. So, once they know that you are serious, they will make even more efforts to meet your criteria and find you your dream home.  A lot of buyers make the mistake of thinking they do not need a broker if they buy directly from a builder in a new project (condos or houses).  This is a big misconception! Sometimes when you are looking to buy a new property directly from the builder, it is even more important to be represented by a broker since they know the projects and can also provide you essential information about the quality of the project and the reputation of the builder. The sales representatives who work at the sales offices of different projects are directly hired by the builder, so they will not necessarily have your best interest in their mind. However, once you work with a broker, he or she will be representing you and will negotiate with the builder to get you the best deal possible and all of this will cost you nothing.



It is absolutely essential that you first meet with your bank so that they can assess your financial capacity and tell you how much exactly you can spend or qualify for. You may think you can afford properties in a certain price range, but the reality might be different and then when you have found your dream home, the bank shatters your dream and you find out that you cannot actually afford the house. So, to save yourself the heart ache and to make sure that nobody’s time is wasted, it is highly recommended that you first obtain a pre-approval letter from your bank before you start the search.



As your brokers we will definitely recommend that you do a pre-purchase inspection.  You should always hire certified home inspectors who hold a valid permit and are insured by their organization. They are experts and they can provide you lots of useful information and educate you about what to pay attention to when buying a house. Some inspectors even provide you with some suggestions and improvements that can be done in the future so that you can maintain your home properly and make sure that it is always kept in a good shape.


Some other costs:

In Quebec, the buyers have to pay for certain expenses. Other costs that the buyers should keep in mind include but are not limited to the followings:

1) Notary fees: In Quebec the buyers pay for the notary fees. The notary fees vary due to several factors but normally the notary fees are between $1000-$2000.

2) Welcome tax or transfer tax: This is a tax that you have to pay every time you purchase a property in Quebec. It does not matter if it is an investment property or it is your primary residence; you must pay the welcome tax every tie you acquire a property.

 3) Annual expenses: The 2 previous expenses are paid only one time. After purchasing your property, every year you will have to pay municipal and school taxes. Also, you have to obtain an insurance policy to make sure that your home is insured at all times.