The First-Time Buyer’s Checklist in Quebec

Buying your first home is exciting, and a little preparation makes it much less stressful. Here’s the checklist we go through with every first-time buyer in Quebec.

1. Get pre-approved

A mortgage pre-approval shows your real budget and holds a rate for a period of time. Your lender will apply the federal stress test, so your approved amount may be lower than you expect.

2. Use the programs available to you

First-time buyers may be able to use a First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan for their down payment. Some municipalities also offer programs or refunds for first-time buyers, so ask us what applies where you’re looking.

3. Budget for the welcome tax and closing costs

In Quebec, buyers pay land transfer duties, often called the welcome tax, a few months after closing. Add notary fees, an inspection, moving costs and adjustments for municipal and school taxes.

4. Book a pre-purchase inspection

Make your promise to purchase conditional on an inspection. It’s the best way to understand the condition of the foundation, roof, plumbing and electrical before you commit.