First-Time Buyer Guide to Montréal: Steps, Costs, and Common Mistakes

Buying your first home in Montréal is exciting—but it can also feel overwhelming if you don’t know what comes first, what it really costs, and where new buyers tend to make expensive mistakes. This guide breaks the process into clear steps, explains the main costs to budget for, and highlights common pitfalls—so you can buy with confidence and avoid surprises.

Buying your first property in Montréal isn’t just about finding a place you love—it’s about building a plan that keeps you confident from pre-approval to keys-in-hand. The good news: once you understand the sequence, the process becomes much simpler.

Here’s a practical first-time buyer roadmap you can follow.

Step 1) Set Your Budget (Before You Fall in Love With a Listing)

Start with a realistic monthly payment you can carry comfortably—not just the maximum a lender might approve.

Your budget depends on:

• household income

• down payment amount and source

• monthly debts (car payment, loans, credit cards)

• interest rate and amortization

• property taxes, insurance, and (if applicable) condo fees

  
  

Tip: If you only budget for the mortgage payment, you can end up “house-poor” fast.

Step 2) Get Pre-Approved (Not Just Pre-Qualified)

Pre-approval gives you stronger buying power and reduces surprises when you’re ready to make an offer.

What to prepare:

• proof of income (pay stubs / employment letter)

• down payment details

• current debts and monthly obligations

• credit profile (your lender will confirm)

  
  

Why it matters: Sellers take offers more seriously when financing is solid.

Step 3) Choose Your “Must-Haves” vs “Nice-to-Haves”

Montréal is a neighborhood city. Your lifestyle and commute matter as much as the unit itself.

Common must-have categories:

• location + transit access

• bedroom count and layout

• outdoor space (balcony/terrace)

• parking and storage

• building quality and maintenance (for condos)

  
  

A clear priority list keeps you focused and reduces decision fatigue.

Step 4) Understand the Real Costs (Upfront + Ongoing)

First-time buyers often plan for the down payment but underestimate the extra costs.

Upfront costs can include:

• home inspection

• notary fees and legal costs

• adjustments (taxes, condo fees, utilities)

• moving costs

• immediate improvements (paint, minor repairs)

  
  

Ongoing costs usually include:

• mortgage payment

• property taxes

• insurance

• heating/electricity

• condo fees (if applicable)

• maintenance reserve

  
  

Step 5) Visit Homes Strategically (Not Randomly)

Instead of touring everything, focus on properties that match your budget and priorities.

What to look for in showings:

• signs of moisture or water damage

• windows, insulation, and drafty areas

• age/condition of roof, plumbing, electrical (where visible)

• noise level and building maintenance

• condo building health (reserve fund, upcoming projects, insurance history)

  
  

A good showing is part lifestyle check, part risk check.

Step 6) Make an Offer With the Right Conditions

Offers aren’t just price—they’re terms.

Common conditions include:

• financing

• inspection

• document review (especially for condos)

  
  

A strong offer balances competitiveness with protection.

Step 7) Inspection + Negotiation: Know What’s Normal

Inspections almost always reveal something. The key is knowing what matters.

Typical categories:

• maintenance items (normal)

• near-term replacements (plan for it)

• moisture / structural concerns (take seriously)

• safety issues (don’t ignore)

  
  

If the report shows meaningful risks or high costs, you can negotiate repairs, a credit, or a price adjustment.

Common First-Time Buyer Mistakes (and How to Avoid Them)

Mistake 1: Shopping before pre-approval

You waste time and risk losing the right property.

Mistake 2: Focusing only on asking price

Monthly costs and condo fees can change affordability dramatically.

Mistake 3: Ignoring condo documents

A nice unit in a poorly managed building can become expensive later.

Mistake 4: Underestimating extra costs

Notary, adjustments, moving, and repairs add up quickly.

Mistake 5: Letting emotions replace strategy

A clear plan helps you move fast and protect yourself.

Get a First-Time Buyer Plan Speak with a Royal LePage expert