Housing
The cost of renting an apartment or buying a home in Québec is reasonable in North American terms.
For further information on how to rent or purchase property,
click here.
In Québec’s non-urban regions, a typical apartment with 2 bedrooms, 1 living room, 1 kitchen and 1 bathroom (known as a “4½”) rents for approximately $600 a month, on average. Rents are higher in the Montreal and Québec City regions.
Related costs
In addition to rent, there are a number of other costs to keep in mind when opting for rental accommodation, including:
- Electricity, natural gas or heating oil: The tenant is usually responsible for covering these costs, unless the lease specifically states that the landlord will pay for them. Costs vary significantly depending on the season and consumption.
- Telephone:
- Monthly rates includes unlimited local calls.
- Fixed-price monthly packages are available for long-distance calls.
- Internet and television: Costs vary depending on the package selected, which may include telephone service.
- Insurance: Although not mandatory, renter’s insurance is highly advisable. Uninsured individuals may be required to pay the cost of damage to the premises or to other tenants’ property, e.g. if they are deemed responsible for a fire.
Housing prices in Québec are lower that in other Canadian provinces such as Ontario or British Columbia. In Montreal, the average cost of a single-family home is approximately $260,000 (source: Canada Mortgage and Housing Corporation, 2008), compared to nearly $380,000 in Toronto and more than $590,000 in Vancouver.
Related costs
Buying a home entails various other costs:
| Appraisal fees |
$150 to $200 |
Home inspection fees
|
$300 |
Property survey fees
|
Up to $1,000 |
| Legal fees and related expenses |
$1,300 to $2,500
|
| Insurance costs for high-ratio mortgages |
Variable: approximately 3.75% of the principal, plus applicable fees
|
| Interest adjustments |
Up to $1,000
|
| Home insurance |
$450/year
|
| Mortgage life insurance |
Variable
|
| Sales tax (GST) on new homes |
7% of the purchase price
|
| School taxes |
Variable
|
| Municipal taxes |
Variable |
| Land transfer tax |
Variable |
In addition to the above costs, electricity, heating, telephone and Internet service should also be taken into consideration.
For further information on buying a home, please visit the website of the Canada Mortgage and Housing Corporation.
For further information on how to rent or purchase property,
click here.
