Did you know that as a buyer, you are entitled to full services from real estate professionals absolutely free of charge? This includes:

Access to all listings on the MLS network – 90% of all listings

A daily presence on all real estate search platforms.

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Full services including:

• Pre-selecting properties
• Scheduling visits
• Attending all visits
• Drafting the offer to purchase and related appendices
• Following up on legal documents, if necessary
• Helping you research financing options
• Negotiating on your behalf and in your best interests
• Sharing expert knowledge of real estate market
• Protecting you with Re/Max’s exclusive TRANQUILLI-T INTEGRITY

You’ll also benefit from a solid referral service. I can recommend a wide range of professionals whose skills I have repeatedly put to the test.

To buy

Buying a property isn’t always a piece of cake. That’s why we offer a range of proven, practical tips.

First and foremost, make sure you’re prequalified for a mortgage. This will allow you to lock in an interest rate for a certain period of time and not have to worry about fluctuating interest rates.

Having a pre-qualified mortgage will also greatly lower your stress level when you make an offer on a home, since you’ll already know exactly how much you have available.

Also take the time to figure out what your needs are in terms of geographic location, desired property size, home size, etc. To help, you can find a form on my website with the most important questions to ask yourself before starting your search. It would be our pleasure to accompany you on this great property-buying adventure.

Costs of buying a home

Costs will differ depending on the type of building you’re buying (condo, undivided co-ownership, single-family house, income property, etc.)

Some will be one-time costs incurred only during the first year. These include your down payment, the notary fees, transfer duty (welcome tax), inspection fees, GST and QST (for a new house only).

Other costs will be recurring, such as your mortgage payments, municipal and school taxes, insurance and condo fees, etc.

Below are some additional details on the costs associated with purchasing a property.

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First-year expenses

Before you buy, it’s important to know all the expenses you’ll need to cover during that first year. This will allow you to target your searches based on your budget. Once you’ve found your dream home and your promise to purchase has been accepted, we strongly recommend that you have the home inspected. This can cost anywhere between $600 and $1,000, depending on whether it’s done by an inspector or a building engineer. Engineers typically charge more than inspectors.

If all goes well during the inspection, there is the down payment with the notary. The down payment can be between 5% and 40% of the purchase price, depending on your bank, credit rating and the type of property in question. Banks will often allow just a 5% down payment on the purchase of an owner-occupied single-family home or condo.

In this case, the loan must be insured either by the CMHC (Canadian Mortgage and Housing Corporation) or by GE Capital Mortgage Insurance Canada. Either way, you will need to pay an insurance premium. To calculate this premium, consult the CMHC or GE Capital Mortgage Insurance website.

There are also notary fees to pay, which typically run between $1,000 and $1,500. If you prefer to choose another institution, you can find a notary on my site at www.pierreviens.com or on the website of the Chambre des notaires du Québec.

Within two months of the signing the deed of sale at the notary, you’ll receive a transfer duty bill – more commonly known as the “welcome tax.” Transfer duties are calculated according the property’s selling price or market value – whichever is higher. This expense is calculated as follows:

Calculating the amount of the transfer duty (“Welcome tax”)

0 to $51,700 ............................................... 0.5%
$51,700 to $258,600 ..................... 1%
$258,000 to $517,100 ....................... 1.5%
$517,100 to $1,034,200 ................. 2%
$1,034,200 to $2,000,000.......... 2.5%
Over $2,000,000 ............................. 3%

If you buy a new property that has never been inhabited, you will have to pay GST and QST. Certain rebates may apply. To learn more, visit: www.cmhc-schl.gc.ca/fr/acloclo/aclo/acmaetet/acmaetet_003.cfm

Recurring expenses

Some expenses will recur on a monthly or yearly basis. Municipal taxes are annual and can be paid in two installments. They are billed for the period from January 1st to December 31st of each year. School taxes are billed for the period covering the school year, from July 1st to June 30th of each year.

You can also ask your financial institution to include these amounts in your monthly withdrawals, which is the best way to avoid forgetting about them. Your mortgage payments can be made monthly, weekly or even bi-weekly, depending on your preference and bank. We recommend speaking to your lender to determine which payment schedule is best for you. Your insurance is renewed annually and payments can be staggered over the year.

Last by not least, those who purchase a condo or undivided co-ownership will also have condo fees to pay. These are usually paid monthly. Condo fees go into a reserve fund to cover work that one day might need to be done on the building. In many condominium associations, a portion of these fees go into the reserve fund, while the remainder goes toward paying for condo insurance and to maintaining the common areas. Check with the condo association to find out exactly what your condo fees include.