1. Assess your budget and borrowing capacity
Before even looking at houses, it is essential to determine how much you can afford to buy.
Average price of a house in Quebec City: In 2024, the median price of single-family homes in Quebec City is approximately $365,000, while that of condos is around $270,000.
Down payment: For a home under $500,000, the minimum down payment is 5% of the purchase price. For a home above this amount, you will need to count on 10% of the excess.
Mortgage Pre-Approval: Before looking for a property, consult your financial institution or a mortgage broker to find out how much you can borrow.
2. Determine your needs and criteria
Every buyer has different priorities. Take the time to clearly define your criteria:
Property Type: Single-family home, condo, duplex?
Location: Do you prefer a vibrant neighborhood or a more residential area?
Number of bedrooms and bathrooms: What size home fits your current and future needs?
Proximity to services: Schools, public transport, shops.
3. Find the right real estate broker
The advantages of a broker:
Access to properties before they even go on the market
Strategic Tips for Negotiation
Administrative and legal support
4. Plan for additional costs
In addition to the purchase price, expect the following costs:
Notary fees: Between $1,000 and $1,500
Welcome tax: Varies depending on the purchase price (approximately 1.5% for a $300,000 home)
Pre-purchase inspection: Around $500 – $700
Moving and accommodation costs
5. Visit and analyze properties
When visiting, please pay attention to the following points:
The condition of the roof and foundation
Insulation and windows
Maintenance and heating costs
The neighborhood and quality of life in the area
