Are A new Montreal Immigrant With No Job and No Credit
-Found Your Dream Home
-How Much Cash You Need Until You Move In
Home Sweet Home
After several hundred visits, finally you found your dream home, you put an offer, you did the inspection and now you are ready to proceed to the next step :
If a property is bought for $429,000.
*Majority of the banks will ask you for %35 cash down =$150,150
Plus Enough funds to cover up all the closing expenses : welcome Tax,Municiple and school Tax, Insurance ,Notarial fees and moving expenses
The taxes payable to the municipality for welcome tax will be:
- 0.5% of the first $50,000 = $250
- 1% of the next $50,000 to $250,000 =$2000
- 1.5% of the next $250,000 to $500,000 = $2685
- 2% of any portion exceeding $500,000 ( is not applicable in this case)
- Total taxes payable is $4,935
Full details, please refer to the City of Montreal’s Website Duties on transfers of immovables.
The Municipal and school taxes will be adjusted by your notary and the rest of the expenses costs all will depend on the individuals you hire