Buying
Cash required to close
Everything you need in the bank on closing day — the down payment is only the start.
Cash required at closing
$50,530
The $4,861 land transfer tax arrives separately, three to six months later.
- Including land transfer tax
- $55,390
- Excluding the down payment
- $5,530
See how it was calculated
- Down payment
- $45,000
- 9% tax on the insurance premium
- $1,130
- Notary fees
- $1,500
- Pre-purchase inspection
- $700
- Appraisal
- $400
- Location certificate
- $0
- Tax adjustments
- $800
- Moving and hook-ups
- $1,000
- At closing
- $50,530
- Land transfer tax — Montréal
- $4,861
- Total cost of the transaction
- $55,390
Later
Lenders generally require a reserve of 1.5 % of the purchase price, on top of the down payment, to cover these costs. Here: $6,750.
These amounts are orders of magnitude, not prices: no authority sets them and they vary from file to file. Replace them with real quotes as soon as you have them.
Title insurance, common in Ontario, stays marginal in Quebec: the notary’s title search fills the same role and its cost is already in the fees.
These results are provided for illustration only. They apply the Canadian mortgage rules and the Quebec schedule in force, but they are not an offer of financing nor investment advice: the actual rate, amortization and terms depend on your file and on the lender chosen, and are subject to change. For a firm answer, talk to a broker.
Does that number work for you? A broker will confirm it with a real lender. In most files our compensation comes from the lender — if it were ever otherwise, your broker tells you before anything moves.
Schedule 2026 — Organisme d’autoréglementation du courtage immobilier du Québec (checked on 2026-08-25) · Gouvernement du Québec (checked on 2026-08-25) · Ville de Montréal (checked on 2026-08-25) · Ville de Québec (checked on 2026-08-25) · Règlements municipaux (checked on 2026-08-25) · Revenu Québec (checked on 2026-08-25) · Société canadienne d’hypothèques et de logement (checked on 2026-08-25) · Ministère des Finances du Canada (checked on 2026-08-25).
What the number does not tell you
Lenders generally require a reserve of about 1.5% of the purchase price on top of the down payment. This is not a formality: in Quebec the deed of sale and the mortgage deed must both go through a notary, the pre-purchase inspection is paid before the offer, and tax adjustments reimburse the seller for what they already paid the municipality.
Two costs surprise almost everyone. Quebec's 9% tax on the insurance premium cannot be financed: it comes out in cash on closing day. And the transfer duties do not go through the notary — the municipality bills them months later, often once the account is already empty. The figures suggested here are orders of magnitude, to be replaced by real quotes as soon as you have them.