First purchase

Buying your first property in Quebec?

First purchase = first real mortgage negotiation. Realistic pre-approval, down payment, federal stress test, product choice — that's a lot for a first time. We connect you with an AMF mortgage broker who knows your neighborhood market.

What likely concerns you

• Understanding your real borrowing capacity (not the bank's flattering figure).
• Knowing if your down payment avoids CMHC insurance (20% vs 5-19%).
• Optimizing between 5-year fixed, variable, or mixed rate based on your risk tolerance.
• Locking a rate 90-120 days to shop calmly.
• Including Julie's scholarship as income (some lenders accept, others don't).
• Avoiding the condo trap where the lender requires special conditions (status certificate, declaration).

What we avoid for you

• Presenting you a single product (the "best-rate" displayed by our preferred lender).
• Pushing you toward a larger down payment than necessary to boost our commissions.
• Steering you toward a product with exorbitant prepayment penalty (the famous IRD from big banks).
• Letting you discover hidden fees at the notary (discharge fees, file fees, etc.).

How it works for you

1. 1

   Pre-qualification 2 min

   You indicate the price range + your situation (income, approximate down payment). No SIN, no exact score.

2. 2

   Coordinator calls you

   Within the business day. 15 min to clarify your project: new vs existing, neighborhood, timeline.

3. 3

   Referred AMF broker

   A network broker specialized in first-time buyers in Montreal contacts you within 24-72h. Real pre-approval (not a web simulation).

4. 4

   Protected shopping

   Rate locked, you shop your property with peace of mind. The broker follows your file until notarial signing.

Frequent questions — first purchase

• Minimum down payment for a first purchase in Quebec?

  5% on the first $500,000, 10% on the $500,000 – $1M portion. For a $525,000 condo: 5% × 500,000 + 10% × 25,000 = $27,500 minimum. With less than 20%, CMHC insurance is mandatory (premium added to your loan).

• HBP (Home Buyers' Plan) — how much can I withdraw?

  Up to $60,000 per person tax-free from your RRSP (2024+ limit). For a couple, that's $120,000. Repayment over 15 years starting year 2. The AMF broker explains how to combine it with a family gift or FHSA.

• FHSA, what is it and should I have one?

  The First Home Savings Account. Deductible contributions (like RRSP) + non-taxable withdrawal (like TFSA). $8,000/year limit, $40,000 lifetime. If you're buying in 1-3 years, it's probably the best vehicle.

• Should I lock fixed rate or take variable?

  Complex question — depends on your risk tolerance and the current spread between fixed and variable. The Courteo network AMF broker will model both scenarios over 5 years with your real file. Not a recommendation from us: they will present the options.

• How long does the whole process take from first call to notarial signing?

  Typically 30-60 days after the purchase offer. Pre-approval: 24-72h. Appraisal + analysis: 5-10 days. Final approval: 5-15 days. Notary: 2-4 weeks. The broker will give you a precise timeline for your file.

• CMHC, Sagen, or Canada Guaranty: what changes for me?

  These are the three Canadian mortgage insurers, mandatory if down payment is less than 20%. CMHC = Crown corporation. Sagen and Canada Guaranty = private. Premiums (2.8 to 4.0% of insured amount) and criteria are nearly identical. The lender chooses the insurer, not you. The premium is added to your loan — you don't pay it upfront.

• If only one of us is on the mortgage, what happens?

  If only the higher-income partner is listed, you qualify on one income — often insufficient. If you are both co-borrowers, both incomes count but both debts too. In Quebec, you can be co-borrowers without being co-owners (the title is handled separately at the notary). The AMF broker clarifies the optimal option for your case.

• Achat-Bonjour or other municipal programs: still available?

  Achat-Bonjour was a Montreal municipal program — eligibility varies by annual budget and it has been replaced/modified several times. Check the current page of your city (Montreal, Laval, Longueuil each have their first-time buyer programs). The Courteo network AMF broker knows the active programs in 2026 and can flag ones you might have missed.