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A Project for Every Budget

Your preferences will determine where you choose to live, but so will your borrowing capacity. Be sure to keep the following in mind when calculating what you can afford.

The costs involved for the purchase include:

The recurring after-purchase expenses include:

In addition to these expenses, every new owner must pay a municipal property transfer tax (also known as the “welcome” tax) in the months following the purchase of their home. The amount will vary according to the purchase price of the residence and the municipality where the property is located.

Incentives to purchase

There are a number of programs available—like the Home Buyers’ Plan (HBP)—that enable those who have not been homeowners in the last five years to withdraw up to $25,000 from their RRSP to finance their property, without penalty. You then have 15 years to reimburse the funds.

You may even be eligible for a partial tax rebate on the purchase of a new condo.

Finally, if you are a first-time buyer, you may also be able to take advantage of the Home Purchase Assistance Plan—a program jointly funded by the City of Montréal and Quebec government.