First-Time Home Buyer’s Guide to Quebec (2026)

To buy your first home in Quebec in 2026, you need at least 5% down on the first $500,000, about 1.5% of the price for closing costs, and enough income to pass the stress test. First-time buyers get significant help: up to $60,000 from your RRSP through the HBP, the FHSA, up to $5,875 of welcome tax refunded, and a possible 30-year amortization.

Step 1: Set your budget

Before you start visiting, work out what you can really afford each month, not just what the bank will lend you. Lenders use two ratios:

• GDS (gross debt service): mortgage payment, property taxes, heating (and half of condo fees) should not exceed about 39% of your gross income.
• TDS (total debt service): the same costs plus all your other debts (car, cards, loans) should not exceed about 44%.

You also need to pass the stress test: qualify at the higher of your rate plus 2% or 5.25%.

Try our borrowing capacity calculator.

Step 2: Gather your down payment

Examples: for $450,000, you need $22,500. For $600,000, you need $25,000 + $10,000 = $35,000.

With less than 20% down, the mortgage must be insured (CMHC, Sagen or Canada Guaranty). The premium is added to your mortgage:

In Quebec, the 9% QST on the premium is paid in cash at the notary. With a 30-year amortization, the premium is slightly higher.

Where can the down payment come from? Savings, RRSP (through the HBP), FHSA, TFSA, or a gift from a close family member with a gift letter.

Step 3: Use first-time buyer programs

A couple can combine two HBPs and two FHSAs: up to $200,000 toward a down payment, in theory. See also our article on the welcome tax refund.

Step 4: Get pre-approved

Pre-qualification is a first estimate. Pre-approval goes further: the lender checks your credit and documents and can hold a rate for 90 to 120 days. It lets you make an offer knowing your exact budget.

Documents to prepare: two pieces of ID, recent pay stubs, employment letter, notices of assessment for the last 2 years, bank statements for the last 3 months showing your down payment.

Step 5: Search and make an offer

• Work with a real estate broker, often paid by the seller.
• For a condo, ask for the meeting minutes, the reserve fund status and the maintenance log.
• Include financing and inspection conditions in your promise to purchase.

Step 6: Finalize your financing

Once your offer is accepted, your mortgage broker sends the promise to purchase to the lender for final approval, which may require an appraisal. Change nothing until closing: no new debt, no job change if possible.

Step 7: Sign at the notary

The notary checks the titles, receives the funds, has you sign the deed of sale and the mortgage deed, and pays the seller. You get the keys on the agreed date.

Costs on top of your down payment

Lenders usually ask you to show about 1.5% of the price for these costs. See our Quebec welcome tax guide.

Full example: $400,000 condo

• 5% down payment: $20,000
• Base mortgage: $380,000
• CMHC premium (4%): $15,200, added to the loan, for a total of $395,200
• QST on the premium: $1,368, paid at the notary
• Welcome tax: $4,110.50, refunded by the credit for an eligible first-time buyer
• Cash needed on purchase day: about $26,000 to $28,000 (down payment, QST, notary, inspection, welcome tax before refund)

Frequently asked questions

Ready for your first purchase?

I’ll guide you from pre-qualification to signing at the notary, with a complete budget and every program you’re entitled to. Start your free pre-qualification or learn about our property purchase service.