First-time buyer guide · Greater Montréal

Your first home in Québec, step by step

Renting today, owning without nasty surprises. Here is the whole path, with real numbers, from your first budget to the keys at the notary.

Short answer

The minimum down payment follows the price: 5% up to $500,000, 10% on the portion above that, and 20% from $1.5M. Get pre-authorized before you shop: you'll know your real budget and your offer carries more weight.

Then set aside 1.5% to 3% of the price for closing costs, payable in cash. As a first-time buyer, several tax measures stack up to lighten the bill.

Talk about my project See the steps

In most residential files, the chosen lender pays the broker, not you.

Jeunes premiers acheteurs discutant de leur projet d'achat avec leur courtier hypothécaire
Step 1 of 5 · Budget
Etienne Fleury
Your broker Etienne Fleury Mortgage broker
(438) 468-1123 etienne.fleury@multi-prets.ca
The path

The whole path at a glance

From your first budget calculation to the day you get the keys, plan for a few months. Five steps, in this order, each one setting up the next.

Already pre-approved?

Steps 2 and 4 are covered in detail in my full financing guide. Read the mortgage approval guide

01 Step 1 of 5

Budget and down payment

We set a realistic price, count your down payment and plan for the closing costs.

See the step 02 Step 2 of 5

Pre-authorization

A lender reviews your income and credit. You shop with a confirmed budget in hand.

See the step 03 Step 3 of 5

The property and your offer

You find the right address. The offer keeps a financing condition and an inspection.

See the step 04 Step 4 of 5

Mortgage commitment

The lender reviews the property and your documents, then issues the written loan commitment.

See the step 05 Step 5 of 5

Notary and keys

You sign at the notary, settle the adjustments and take the keys. The truck can show up.

See the step

Swipe to see all 5 steps →

01 Step 1 of 5

Your budget and your down payment

We start with the number, not the house. Your income, your debts and your savings set a realistic price range — and the minimum you need to put aside, which depends on the purchase price.

$500,000 or less 5% of the purchase price
From $500,000 to $1,499,999 5% on the first $500,000, then 10% on the balance
$1.5M and up 20% of the purchase price

Two words worth learning right away. Amortization is the number of years planned to pay off the loan in full. The mortgage loan insurance premium is the amount charged by CMHC, Sagen or Canada Guaranty when the down payment is under 20%: it is added to the loan amount.

Jeune couple qui révise ses économies et son budget de mise de fonds à la table de cuisine
Do the math before you tour
Broker tip

Keep your down payment in one account and avoid last-minute transfers. The lender needs to trace where every dollar came from on your statements; three transfers criss-crossing in one week means three explanations to write.

02 Step 2 of 5

Pre-authorization, before you shop

Pre-authorization is a lender's assessment of what you can borrow, based on your income, your credit and your documents; depending on the lender, it can hold a rate for up to 120 days. It is not the final approval: the lender still has to review the property you choose.

The documents, the timing and the difference between pre-qualification, pre-authorization and commitment are covered in detail elsewhere. Read the mortgage approval guide

Courtier hypothécaire qui révise la capacité d'emprunt d'un premier acheteur à Montréal
One file, several lenders
Broker tip

Ask for your employment letter now, not after your offer is accepted. It is almost always the slowest document to get, especially in a large company or during vacation season — and without it, the file sits still.

03 Step 3 of 5

The property and the offer to purchase

You visit, you fall for a place, you make an offer. Two conditions deserve a conversation before it is written: the financing condition, which gives you time to get the loan approved, and the pre-purchase inspection, done by a building inspector.

The lender does not only review you: it reviews the building too. A duplex, an undivided co-ownership, a four-season cottage or a home on a well are not financed the same way.

Discussion autour d'une offre d'achat et des options de financement avec un courtier hypothécaire
Negotiating with the right numbers
Broker tip

Send me the property listing before you submit your offer, not after. Ten minutes is often enough to know whether the building raises a financing issue, and how many days to ask for in the condition.

04 Step 4 of 5

The mortgage commitment

Once your offer is accepted, the lender reviews the full file and issues its commitment: the official financing offer, with the rate, the term, the amortization and the conditions to meet. After that, you supply the last documents requested, often an appraisal of the property.

Révision d'un engagement hypothécaire et des conditions du prêteur
Who decides what
Broker tip

Between the commitment and the notary, your file is still live. No new car loan, no job change, no 0% furniture card: the lender can re-verify your job and your credit a few days before signing.

05 Step 5 of 5

The notary and the keys

The notary checks title, prepares the deed of sale and the deed of loan, then registers everything in the Quebec land register. The notary also confirms that the certificate of location — a land surveyor's report describing the lot and the buildings — matches reality.

Then come the adjustments: you reimburse the seller for the share of municipal and school taxes already paid covering the period after you move in. Your home insurance must be active on signing day, and your funds must reach the notary beforehand, not that same morning.

And if your possession date lands on July 1st, book the truck early. You will not be the only one in the stairwell.

Signature des actes chez le notaire pour l'achat d'une première propriété
Signing at the notary
Broker tip

Ask the notary for the statement of disbursements a few days ahead and compare it with the budget we built together. That is the best moment to ask questions, while a number can still be corrected.

Step 1 of 5 · Down payment

Building your down payment: your levers

A down payment rarely comes from one account. It's an assembly. Here are the five pieces most often used in Quebec.

For each one: how it works, what you gain, and the detail that stalls a file.

01

The FHSA

Tax-free first home savings account

How it works

You contribute up to $8,000 a year, up to $40,000 for life. Contributions are deducted from your taxable income.

The advantage

The withdrawal for your purchase is tax-free, with nothing to pay back. That money stays yours.

The trap to avoid

Waiting until you've found the home to open the account. Open it early, even with a small amount, and confirm your institution's withdrawal timelines.

02

The Home Buyers' Plan

A withdrawal from your own RRSP

How it works

You withdraw up to $60,000 from your RRSP for the purchase, then put it back into your RRSP over 15 years.

The advantage

As a couple, the amount doubles. And it's your own money: no interest, no lender involved.

The trap to avoid

Forgetting the yearly repayment in your homeowner budget. Also confirm with your institution how long the funds must sit before you withdraw.

03

FHSA and HBP together

Two programs, one purchase

How it works

Both programs can be combined for the same home. We plan the order and the dates of the withdrawals with your institution.

The advantage

More cash at once: a stronger down payment, or a cushion kept aside for closing costs.

The trap to avoid

Emptying both accounts to the last dollar. Keep enough for the notary, the inspection and the welcome tax.

04

A family gift

With a signed gift letter

How it works

A relative gives you a sum. The lender requires a signed gift letter confirming the money is given, not lent.

The advantage

The project moves faster without weighing on your debt ratios, since there is no payment to make.

The trap to avoid

The transfer landing three days before the notary. Lenders want to trace where the money came from, so plan for the giver's statements.

05

Personal savings

Accounts, TFSA, non-registered investments

How it works

You pull from your accounts and investments. The lender asks for recent statements to confirm where the funds come from.

The advantage

No conditions, no repayment. It's the simplest part of a file to document.

The trap to avoid

Unexplained cash deposits. An amount that shows up with no paper trail slows the file and worries the lender.

Keep in mind

Below a 20% down payment, mortgage loan insurance (CMHC, Sagen or Canada Guaranty) is mandatory. The premium is added to your loan, but the 9% tax on that premium is paid in cash at the notary. See every closing cost

Closing costs

The costs nobody warns you about

Your down payment isn't the last bill. Set aside roughly 1.5% to 3% of the purchase price for everything that lands around closing. We put a number on it before you make an offer.

Jeune acheteur révisant ses relevés et la provenance de ses fonds avant l'achat d'une première propriété
Cash you need on hand 1.5% to 3% of the price
Checklist 8 items · before signing
  • Transfer duties (the welcome tax)

    The city sends it after closing, not at the notary's office. It usually shows up once the living room is already furnished.

  • Notary fees and registration costs

    The deed of sale and the mortgage deed are published in the Land Register. Ask your notary for a written estimate as soon as your offer is accepted.

  • Pre-purchase inspection

    You pay for it out of pocket, before you know whether the deal will close. It's the one cost worth losing.

  • Certificate of location

    The seller normally provides theirs. If it no longer reflects the property, the update is negotiated — and it can land on the buyer.

  • Municipal and school tax adjustments

    If the seller already paid for the current year, you reimburse your share at the notary's. It's calculated to the day.

  • Home insurance

    Your lender requires proof of coverage before signing. Shop for it a week or two ahead, not the night before.

  • Moving and first purchases

    Truck, blinds, a snow shovel, the appliances that didn't stay: this line fills up fast. Give it a realistic number from the start.

  • The surprise one The 9% tax on the mortgage insurance premium

    With less than 20% down, mortgage loan insurance is mandatory. The premium is added to your loan, but the 9% tax on it is paid in cash at the notary's office. We budget for it from the very first calculation.

Put a number on your transfer duties

Enter the price you have in mind and you'll see the order of magnitude of the welcome tax before you even make an offer. Actual amounts depend on your municipality.

Welcome Tax Calculator

To calculate the welcome tax amount, you must use the higher value between the municipal assessment and the purchase price. The calculation is as follows for the province of Quebec (outside of Montreal):

Montreal

Bracket Tax Rate
First $53,200 0.5%
From $53,201 to $266,200 1.0%
From $266,201 to $532,300 1.5%
From $532,301 to $1,064,600 2.0%
From $1,064,601 to $2,059,000 2.5%
From $2,059,001 to $3,000,000 3.5%
Above $3,000,000 4.0%

Quebec City

Bracket Tax Rate
Up to $58,900 0.5%
From $58,901 to $294,600 1.0%
From $294,601 to $500,000 1.5%
From $500,001 to $1,000,000 2.0%
From $1,000,001 to $2,000,000 2.5%
Above $2,000,000 3.0%
*Results for informational purposes only.
*The actual amount may differ from what is displayed here.

Site tool · Open the transfer tax page

Programs · First-time buyers

Government help for first-time buyers

These measures don't cancel each other out. Planned properly, they stack and take real pressure off your first year as an owner.

New in 2026

Quebec refundable credit on the welcome tax

Up to $5,875

Transfer duties — the so-called welcome tax — arrive from your city a few months after closing. Quebec now gives part of it back. Refundable means you get the money even if you owe no tax that year.

Eligible if · the property is under $1M and the purchase happened on or after January 1, 2026. You claim it on your tax return — nobody files it for you.

Home buyers' tax credits

$1,400 + $1,500

Two separate credits: $1,400 from Quebec and $1,500 from the federal government. Both are claimed on your returns the year you buy.

Eligible if · you qualify as a first-time buyer under both programs. We confirm your situation before you file.

GST rebate on a newly built home

Up to $50,000

On new construction, part of the tax you pay can come back to you. Some builders apply it straight to the contract price — check before you sign the offer.

Eligible if · the home is new or substantially renovated. The calculation is done file by file.

FHSA

$8,000 a year, $40,000 lifetime

Not a credit — your own money: contributions are deductible, the withdrawal is tax-free for your purchase, and nothing has to be paid back.

Back to the levers

Home Buyers' Plan

Up to $60,000 from your RRSP

A tax-free withdrawal you put back into your RRSP over 15 years. As a couple, the ceiling doubles. Budget for the repayment from day one.

Back to the levers

Amounts and conditions for these programs can change from year to year. We confirm your eligibility against the official sources before we build your budget.

Best-case total $8,444

That's the most tax help a first-time buyer can claim — on top of the FHSA and the Home Buyers' Plan, which aren't credits but money you set aside yourself.

Per Finances Québec · maximum amount, depending on your situation
Your file

What a lender looks at in a first-time buyer

No lender decides on a hunch. Four things come up in every file, and each one can be worked on before you apply.

01

Your credit

History matters as much as the balance: payments made on time, month after month, and cards you don't keep maxed out.

02

Your GDS and TDS ratios

GDS compares your housing costs to your gross income; TDS adds your other debts on top. Each lender sets its own limits.

03

How steady your income is

How long you've held the job, how you're paid, and whether bonuses, commissions or hours repeat from one year to the next.

04

The stress test

A simulation: could you still make the payments if rates rose? You're qualified at the higher of your contract rate plus 2% or 5.25%.

The documents to provide, by profile

Gather them once, in full. A complete file can go out to several lenders in the same week.

Regular employment income
  1. Valid photo identification.
  2. Your most recent pay stubs.
  3. An employment letter: title, salary, start date, permanent or not.
  4. Your last two notices of assessment and T4s if you earn bonuses, commissions or overtime.
  5. Statements for the accounts holding your down payment, covering the past few months.
  6. A signed gift letter, if part of the down payment comes from family.
Business, freelance or commission income
  1. Valid photo identification.
  2. Your last two complete tax returns and the matching notices of assessment.
  3. Financial statements, or for a sole proprietorship, a breakdown of income and expenses.
  4. Proof of business registration and confirmation that instalments and taxes are up to date.
  5. Recent business bank statements, to show the rhythm of your deposits.
  6. Statements for the accounts holding your down payment.
Recently arrived in Canada
  1. Identification and proof of status: permanent residency or a valid work permit.
  2. Your Canadian employment letter and pay stubs since you arrived.
  3. Proof the funds were transferred into the country, with the statement from the source account.
  4. Your Canadian credit history, even a short one, or your home-country file when it's available.
  5. Leases or rent payment records, useful to show a steady payment pattern.
  6. Requirements vary by lender: we target the ones that recognize your profile before filing anything.
Watch out

The classic mistakes to avoid

Seven situations that derail a solid file. Every one of them is avoidable with a call at the right time.

  1. 01

    Changing jobs before the notary

    The lender reconfirms your job days before signing. Even a promotion can trigger a fresh review.

  2. 02

    Buying a car or opening new credit

    A new monthly payment shifts your ratios. Furniture and cars wait until after the keys.

  3. 03

    Budgeting the down payment only

    Closing costs are paid in cash at the notary. You price them before the offer, not after.

  4. 04

    Knocking on one door only

    Your bank offers its own products. A broker presents the same file to several lenders, with a single credit check.

  5. 05

    Offering without a financing condition

    A pre-approval isn't a final approval: the lender still has to approve the property.

  6. 06

    Underestimating the adjustments

    Municipal and school taxes already paid by the seller, remaining fuel: it's all split at signing.

  7. 07

    Leaving the welcome tax credit on the table

    The measure exists for first-time buyers, but nobody claims it for you. We note the step in your plan.

The costs, line by line First-time buyer measures
Verified reviews · Clients we guided

What clients we guided have to say

Reviews posted by people who went through the process. None were written for this page.

Etienne et son équipe ont été super efficace et excellente communication.

Maxime Rompré

Excellent service! M. Fleury est très professionnel, disponible et réactif. Explications claires et simples. Je recommande sans hésiter!

pat salehi

Nous avons eu une super expérience avec Étienne; un service personnalisé, attentionné et axé sur nos besoins. Il nous a proposé différents scénarios et a su nous guider dans le choix qui convenait le mieux à notre réalité tout en nous permettant de faire des économies intéressantes. Il est visiblement soucieux d'offrir des explications claires et s'assure de la satisfaction de ses clients à travers les différentes étapes du processus ! Nous le recommandons chaudement !!

Catherine St-Pierre

Étienne a été un excellent courtier hypothécaire pour mon dossier. Il a su être à l'écoute de mon projet d'achat de condo et me conseiller le bon produit.

Véronique Berthiaume

Service professionnel et personnalisé. J'ai apprécié la disponibilité à répondre à mes questions et le portail sécurisé qui facilite le dépôt des documents. Je recommande.

Cynthia Langlais

Excellent service! M. Fleury est très professionnel, disponible et réactif. Explications claires et simples. Je recommande sans hésiter!

Shiva Garavi
Frequently asked

The questions I get the most

Seven short answers, the ones that come up at every first meeting. Your file still deserves its own analysis.

7 answers
How much do I need for a down payment?

The minimum follows the purchase price: 5% up to $500,000, then 5% on the first $500,000 plus 10% on the portion between $500,000 and $1,499,999, and 20% from $1.5M up.

Below 20%, mortgage loan insurance (CMHC, Sagen or Canada Guaranty) is required and the premium is added to your loan. We price both scenarios before you settle on a budget.

Can I use both the FHSA and the HBP for the same purchase?

Yes, the two stack. The FHSA allows up to $8,000 a year, $40,000 lifetime, with deductible contributions and a tax-free withdrawal you never repay.

The HBP lets you withdraw up to $60,000 from your RRSP, repayable over 15 years. With two buyers those amounts double, which is often what tips a file over the line.

What does a mortgage broker cost?

In the vast majority of residential files, nothing: the chosen lender pays the broker once the loan closes.

In Quebec, a mortgage broker holds a certificate from the Autorité des marchés financiers (AMF) and must give you, in writing and before starting, the scope of services and how they are paid. In practice: one meeting, one credit check, several lender offers.

What costs come on top of the down payment?

Keep a cushion for closing costs, often in the range of 1.5% to 3% of the purchase price: transfer duties, notary fees and registration, the pre-purchase inspection, municipal and school tax adjustments, home insurance and the move.

Add the 9% tax on the mortgage insurance premium, when it applies: it is paid in cash at the notary, not rolled into the loan. It is the most common surprise, and the easiest one to avoid.

How much can I borrow, and what is the stress test?

Your capacity depends on your income, your debts, your credit file and the property itself. Lenders look at two ratios: the share of income going to housing, then the share going to all your debts.

The stress test checks that you could still pay if rates rose: you are qualified at the higher of your contract rate plus 2% or 5.25%. It does not change the rate you pay, only the maximum amount lent.

Should I get a pre-approval before I start shopping?

Yes, ideally before your first showing. A pre-approval assesses your borrowing capacity from your income, credit and documents: it gives you a realistic budget, strengthens your offer and, depending on the lender, holds a rate for up to 120 days.

It is not the final approval: the lender will still review the property you choose. The full process is covered in the approval guide.

I'm self-employed: can I still qualify?

Yes. Most lenders ask for roughly two years of history and your notices of assessment, and some programs recognize that business expenses lower your taxable income.

There are also solutions for newer businesses, commission or seasonal income, newcomers and credit files being rebuilt. Every lender reads this income differently: the right file, sent to the right lender, changes the outcome.

Calculator

Run the numbers before you commit

An estimated payment gives you a ballpark. It does not replace a pre-authorization, where a lender actually reviews your income, your credit and your documents.

Adjust the price, the rate and the amortization — the total time planned to repay the loan — to see the effect on the payment.

Plan your financing

Mortgage calculator

Adjust the figures below to estimate your mortgage payment.

Results are estimates, excluding municipal taxes and condo fees.

Open the full calculator
Signature des documents de financement chez le notaire, à la fin du processus d'achat
Before you sign.

Let's talk about your project, no strings attached

A first conversation is mostly questions: your income, your debts, your savings, when you'd like to move in.

You leave with a realistic budget and the exact list of documents to gather. By phone, by video call or in person.

Talk about my project Online request

Purchase, refinancing, renewal or debt consolidation — see all services

Your broker

Etienne Fleury

Mortgage broker

(438) 468-1123 etienne.fleury@multi-prets.ca
Step 5 of 5 · Keys in hand