Thinking of going for Quebec, as your new place of residence? Alright! But, are you aware of the cost of living there. To know about the actual Quebec cost of living, taking an exploratory trip to the province would be beneficial for you. You will get to know about the actual housing facilities, food, clothing and travel costs in this province.
In comparison to other overseas immigration destinations of the world, Quebec cost of living is quite affordable. This is probably the reason, for which a lot of overseas aspirants choose Quebec over other immigration destinations across the world.
When it comes to settling down in Quebec, finding a suitable housing facility becomes one of the most important aspects to consider. The best thing about Quebec is that housing prices in this province are lower than in other provinces of Canada, such as Ontario or British Columbia.
According to a research done by Canada Mortgage and Housing Corporation in 2008, the average cost of a home for a single-family in Montreal was about $260,000, whereas in Toronto, it was $380,000 and in Vancouver more than $590,000.
However, in North American terms, the renting cost of an apartment house or purchasing a house in Québec is quite affordable.
Rental Facility
In the non-urban areas of Québec, on average, a two bedroom usual apartment with one living room, kitchen and bathroom rents for about $600 for a month. However, in the Québec City and Montreal, rents are not the same, in fact they are higher.
While opting for a rental accommodation, there are several costs that you need to remember, such as: electricity, heating, telephone and Internet service.
- Natural gas and Electricity: Usually, the tenant has to cover all these expenses, unless the rent agreement particularly mentions that the property-owner will pay them. However, these costs differ significantly depending on their use.
- Telephone:
- Monthly costs on telephone include unlimited number of local calls.
- For long-distance calls, monthly packages with fixed-price are available.
- Internet: The costs of internet vary from each other. The package or scheme selected for internet use, decides its cost. However, it may also cover the telephone services.
- Insurance: Even though, it is not compulsory, insurance of the renter is highly recommended. Uninsured renters may have to pay the damage cost to the premises or to some other property of the tenants, in case, they are considered to be responsible for an incident of fire.
Other Related costs
Purchasing a home involves a lot of other relevant costs:
Appraisal fee………………………………………………………………………. $150 to $200
Fees for home inspection ………………………………………………………….. $300
Fees for property survey……………………………………………………………. Up to $1,000
Legal and relevant expenses………………………………………….. $1,300 to $2,500
Insurance expenses for high-ratio mortgages…………………………….. Variable: around 3.75% of the principal, plus applicable fee
Adjustments of Interest ……………………………………………………………. Up to $1,000
Insurance of Home …………………………………………………………………… $450/year
Mortgage life insurance………………………………………………………. Changeable
Sales tax on new home…………………………………………….. 7% of the buying cost
School tax………………………………………………………………………… Changeable
Municipal tax…………………………………………………………………… Variable
Land transfer taxes…………………………………………………………………. Variable
