First-Time Homebuyer in Montreal: Complete Guide
First-Time Buyer Programs Available in Montreal
Canada offers several programs specifically for first-time buyers. The First Home Savings Account (FHSA) lets you contribute up to $8,000/year (lifetime max $40,000) with tax-deductible contributions and tax-free withdrawals for a qualifying home purchase. Combined with the Home Buyers' Plan (HBP), which allows withdrawing up to $60,000 from your RRSP, you can assemble a significant down payment with tax advantages.
Quebec also offers the First-Time Home Buyers' Tax Credit at the federal level ($10,000 credit, worth $1,500 in tax savings) and the GST/QST new housing rebate if you're buying new construction. In Montreal specifically, some boroughs have offered property tax credits for new buyers — check with your borough office before purchasing.
Getting Mortgage Pre-Approval in Montreal
Before you start browsing Centris listings, get pre-approved. A mortgage broker (courtier hypothécaire) can shop multiple lenders on your behalf at no cost to you — they're paid by the lender. In 2026, expect fixed rates around 4.8–5.4% for a 5-year term. With Montreal's average condo price near $420,000, you'll need a minimum 5% down ($21,000) plus closing costs of $8,000–$15,000.
The stress test requires you to qualify at either 5.25% or your contract rate plus 2%, whichever is higher. This means your actual borrowing power may be 15–20% less than you'd expect based on the posted rate. A good broker will walk you through the numbers and help you set a realistic budget for Montreal's market.
What to Expect on Closing Day in Montreal
In Quebec, the notary handles the closing — not a lawyer, as in other provinces. Your notary will prepare the deed of sale, register the property, handle the title search, and distribute funds. Notary fees typically run $1,500–$2,500. You'll also pay the welcome tax (taxe de bienvenue) within a few months of purchase — for a $420,000 condo, expect roughly $4,500.
Planning Your Move?
Get a free, no-obligation quote from Montreal's most trusted movers in under 2 minutes.
Once the keys are in your hand, it's time to move. Many first-time buyers underestimate how much a professional move costs and the logistics of going from a rental apartment to a condo or house. Up & Out specializes in helping first-time buyers make the transition smoothly — from packing up your old rental to setting up your new home.
