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How much money do I need to buy a house in Quebec?

The process of buying a house in Quebec has become easier and more attainable recently due to changes in legislation – such as the new mortgage rules for first-time buyers, which we will touch on later. This is great news for those of us who have been thinking about taking the plunge into homeownership but were hesitant due to the perceived difficulty of the process. Before you begin searching for a house in Canada’s  one of the biggest and top provinces, it is essential to take a few steps to prepare yourself financially. This article will discuss everything related to that and provide you with a few tips on determining your financial situation and creating a solid financial foundation so you can start shopping for homes confidently!

How much money do I need to buy a house in Quebec?

The amount of money you need to buy a home in Quebec depends on major elements like property type and time of purchase.  In view of the current situation, there’s luckily some relief in store for homebuyers in Quebec, as the price of properties is expected to fall as per the new housing market report from Desjardin, and it’s good to secure a mortgage.  The average house price in Quebec is between $360,000 to $510,000. So, let’s suppose the median amount to buy a house is $435,000 in 2022. This means that if you want to buy a median Quebec home now, you would need a down payment of at least 5% of the purchase price.  So, you need a minimum down payment of $21,750 while meeting all the CMHC mortgage insurance rules. Besides that, you need a stable income and a good credit score above 600. 

Is it easy to buy a house in Montreal?

Real estate investment in Quebec has many advantages. With its attractive geographic location, Quebec is a direct neighbour of the U.S. However, Owning a home in this attractive real estate market is not an easy feat. 

Is it cheaper to buy or rent in Montreal?

Buying vs renting a house in Canada, It’s one of those eternal questions. But there’s finally an answer to whether it’s cheaper to buy or rent. A recent study found that in 91% of the cases analyzed; it is more beneficial to buy a house in Canada as compared to rent over the long term, considering the financial elements – for those who can secure a sufficient down payment. This could be bad news for some and good news for most of us. However, to determine whether it’s wise to buy or rent a property in Montreal, Canada, here are two cases. 

#1: The case of buying

Buying a house in Montreal is considered a very good and stable investment everyone strives for in Canada. The reason is that Quebec’s real estate sector has been showing average growth.  Since the property price may increase, people see buying a house as a wise investment instead of renting it for a long time or throwing away the money to the landlord.  Another case of buying is that the Canadian government offers you an exemption from capital gains tax on your primary residence. Furthermore, renting is challenging compared to owning as you get a significant tax advantage to accumulate capital gains.  Some advantages of buying a house include;
  • Stability 
  • Equity building
  • Cheaper (for the long term) 
  • Retain on capital gains
  • Less complicated investment
  • Less risky
  • Safe from inflation 

#2: The case of renting

Montreal consists of roughly 63% of renters. The reason is that the average price of a home in Montreal is around $450,000, and an individual is required to make a minimum of 5% down payment exclusive of other transaction costs like CMHC insurance, inspection, broker fees, realtor’s commission, etc. Furthermore, owning a house limits your savings and investments as most of your income is spent on monthly mortgage payments.  So, if we compare real estate investments with other high-risk, high-return investments like stocks, renters can have a bigger advantage.  Some advantages of renting include;
  • Flexibility
  • Less maintenance 
  • Cheap (sometimes) 
  • Access to alternative investment 

The Bottom Line: 

If you can’t afford to invest in a house right now, living with your parents and saving money until you can buy may be the better option. On the other hand, if you can afford to make a downpayment and are looking for a long-term investment or plan to live in a house, then you should Contact Alp Perez who helps buyers  find the right property In Montreal and surrounding areas.
About The Author

Alp Perez is a Montreal based award winning real estate agent assisting home buyers and sellers in Montreal and surrounding areas. His real estate services include but not limited to: Price analysis based on the comparable listings sold in your area , Market Analysis for sellers and buyers, Recommendations on how to increase the value of your property , Customized Search engine marketing campaigns for each property, Negotiating on behalf of the buyer / seller depending on who he represents in the deal, Connecting buyers and sellers with his well known industry partners such as inspectors, mortgage brokers, notaries, land surveyors, renovators and etc. Whether you are A homeowner looking for the best real estate agent to get top $ for your property and sell your house or condo fast , A buyer looking for MLS agent Feel free to reach out to him at (514) 527-2022 or via his email :

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