First-Time Homebuyer’s Guide to Mortgages in Quebec: What you need to know
Everything you need to confidently finance your first home in Quebec.
Buying your first home is a major milestone — and navigating the mortgage process in Quebec can feel overwhelming. From understanding how much you can afford to choosing the right mortgage product, this guide will walk you through the essentials, step by step.
Understand Your Budget and Get Pre-Approved
Before house hunting, it’s important to know how much you can afford. Mortgage pre-approval gives you a clear budget range, locks in a rate for up to 120 days, and shows sellers you're a serious buyer. Your lender will consider your income, credit score, debts, and down payment amount.
Tip: In Quebec, you typically need at least 5% down for homes under $500,000.
Learn About Mortgage Types in Quebec
There are several mortgage options available, including:
Fixed-rate mortgages – Stable payments for a set term (great for budgeting).
Variable-rate mortgages – Potential savings if interest rates drop.
Open mortgages – Flexible prepayment options (ideal if you plan to pay off your loan early).
Closed mortgages – Lower rates, but limited prepayment options.
Each has its pros and cons, so speak with a mortgage broker to match your goals and lifestyle.
Explore Quebec-Specific Incentives for First-Time Buyers
First-time buyers in Quebec may qualify for several programs:
Home Buyers’ Plan (HBP) – Withdraw up to $60,000 from your RRSP tax-free to buy your first home.
First-Time Home Buyer Incentive – A shared equity program with the government to lower your monthly payments.
Welcome Tax Exemptions or Reductions – Some municipalities offer relief on the land transfer tax (Droit de mutation).
Your broker will help you take advantage of these programs based on your personal situation.
Consider Additional Costs Beyond the Down Payment
Many first-time buyers forget to budget for:
Inspection and notary fees
Property taxes
Home insurance
Closing costs (typically 2–4% of the purchase price)
Planning for these expenses avoids last-minute surprises.
Work with a Quebec Mortgage Broker
A mortgage broker acts as your advocate, finding the best rates and products from multiple lenders — not just one bank. Brokers understand Quebec’s unique legal and financial landscape and can simplify the process from start to finish.
Bonus: Their services are often free, since they’re paid by the lender.
Ready to Buy Your First Home in Quebec?
As a first-time homebuyer, you don’t have to go it alone. With the right advice, preparation, and support, you’ll be holding the keys to your first home with confidence.
Contact me today for a personalized mortgage plan that fits your needs — and let’s make homeownership in Quebec a reality!