{"id":7676,"date":"2026-07-26T19:45:28","date_gmt":"2026-07-26T19:45:28","guid":{"rendered":"https:\/\/enduranceimmobilier.com\/non-classe\/first-time-home-buying-the-complete-step-by-step-guide\/"},"modified":"2026-08-01T12:25:42","modified_gmt":"2026-08-01T12:25:42","slug":"first-time-home-buying-the-complete-step-by-step-guide","status":"publish","type":"post","link":"https:\/\/enduranceimmobilier.com\/en\/blog\/first-time-home-buying-the-complete-step-by-step-guide\/","title":{"rendered":"First-time home buying: the complete step-by-step guide"},"content":{"rendered":"\n\n\n

\nA first real estate purchase is done in seven clear steps: preparing your budget, obtaining a mortgage pre-approval, building your down payment, choosing a broker to represent you, visiting properties, submitting a conditional promise to purchase, and finally signing at the notary.<\/strong> In Montreal as elsewhere in Quebec, the fear of being cheated almost always stems from one thing: not knowing the next step. This guide identifies it, every time. \n<\/p>\n\n

\nThis week, at the Guy wave \u2014 that river surfing spot in Montreal \u2014 a regular called out to me: “Hey Dave, how do I make sure I don’t get ripped off when I buy? What should I check?” Good question. First, know one thing: almost all first-time buyers experience the same three fears. The first is being cheated. Next comes the fear that a better property will hit the market right after. Finally, the third concerns payments, which are deemed too high. However, each of these fears has a concrete answer. So, we address them one by one, below. \n<\/p>\n\n\n

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Quick response<\/p>\n

For a first real estate purchase in Quebec in 2026, follow this order: 1)<\/strong> budget and pre-approval, 2)<\/strong> down payment, 3)<\/strong> choice of broker, 4)<\/strong> targeted visits, 5)<\/strong> promise to purchase with conditions, 6)<\/strong> inspection and financing, 7)<\/strong> notary.<\/p>\n

Three key benchmarks for 2026: the minimum down payment starts at 5%<\/strong> of the price, the FHSA<\/strong> allows you to save up to $40,000<\/strong> tax-free, and the HBP<\/strong> allows you to withdraw up to $60,000<\/strong> from your RRSP (figures are subject to change, to be validated with a mortgage broker).<\/p>\n<\/div>\n\n\n

Buying is like learning to surf<\/h2>\n\n

\nLet’s go back to the wave. A beginner often waits for “the perfect wave.” It never comes exactly as they imagine. Result: they stay on the shore, and others pass them by. In the same way, real estate rewards those who move forward. Indeed, the perfect property, at the perfect price, at the perfect time, does not exist. On the other hand, a property that checks off your real needs, at a fair price, in a neighborhood you love: that exists, and often. \n<\/p>\n\n

\nIn other words, the goal is not to wait without risk. The goal is to know how to read the wave: know the steps, understand the terms, and move forward with someone experienced by your side. That is exactly what a broker representing you does. \n<\/p>\n\n\n

First-time home buying: the 7 steps, step by step<\/h2>\n\n

\nHere is the complete path, in order. Each step ends before the next one begins. This way, you always know where you stand. \n<\/p>\n\n

\n\n \n \n \n
Step<\/th>\n What you do<\/th>\n Pitfall to avoid<\/th>\n <\/tr>\n <\/thead>\n
1. Budget<\/strong><\/td>Calculate what you can truly afford per month.<\/td>Aiming for the maximum price rather than a comfortable payment.<\/td><\/tr>\n
2. Down payment<\/strong><\/td>Gather 5% or more (FHSA, HBP, savings, gift).<\/td>Forgetting the costs beyond the down payment.<\/td><\/tr>\n
3. Pre-approval<\/strong><\/td>Have an amount and rate confirmed by the lender.<\/td>Shopping before knowing how much you are approved for.<\/td><\/tr>\n
4. Broker<\/strong><\/td>Choose a broker who defends your interests.<\/td>Believing that the seller’s broker represents you.<\/td><\/tr>\n
5. Visits<\/strong><\/td>Target based on your real criteria, not just an emotional crush.<\/td>Falling in love before the inspection.<\/td><\/tr>\n
6. Promise to purchase<\/strong><\/td>Submit an offer with conditions (inspection, financing).<\/td>Waiving conditions to “win” an offer.<\/td><\/tr>\n
7. Notary<\/strong><\/td>Sign the deed and take possession.<\/td>Underestimating notary fees and the welcome tax.<\/td><\/tr>\n <\/tbody>\n<\/table>\n<\/div>\n\n

Step 1 \u2014 Reviewing your budget<\/h3>\n

\nFirst, we look at the comfortable monthly payment, not the maximum price. Then, the lender calculates two ratios. The first measures the portion of your income that goes toward housing. Then the second adds your other debts. Thus, these two figures determine the amount you obtain. \n<\/p>\n

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Simple definition \u2014 GDS and TDS ratios.<\/strong> GDS (Gross Debt Service) is the percentage of your gross income used to pay for housing. TDS (Total Debt Service) adds your other debts. Concretely, the lower these ratios, the stronger your file. <\/p>\n<\/div>\n\n

Step 2 \u2014 Gathering the down payment<\/h3>\n

\nThe down payment is the portion of the price you pay out of pocket. In Quebec, in 2026, it starts at 5% of the purchase price. Additionally, two tools greatly help first-time buyers: the FHSA and the HBP. \n<\/p>\n

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Concrete example \u2014 down payment in Montreal<\/p>\n

On a $400,000 condo, the minimum down payment is 5%, or $20,000. A first-time buyer can build it with their FHSA (up to $40,000 tax-free) and an HBP withdrawal (up to $60,000 from their RRSP). Thus, savings reach the goal faster. Amounts are subject to change \u2014 to be confirmed with your mortgage broker.<\/em><\/p>\n<\/div>\n\n

Step 3 \u2014 Obtaining mortgage pre-approval<\/h3>\n

\nPre-approval is a conditional commitment from the lender. Indeed, it confirms an amount and often locks in a rate for a few months. Therefore, you shop knowing exactly your limit. As a bonus, a seller takes a pre-approved offer much more seriously. \n<\/p>\n\n

Step 4 \u2014 Choosing a broker who represents you<\/h3>\n

\nHere is a point many ignore. Indeed, the listing broker works for the seller. That is why it is to your advantage to be represented by your own broker. Furthermore, this service generally costs you nothing: in Quebec, compensation is most often paid by the seller. Learn more about how to choose your broker<\/a>. \n<\/p>\n\n

Step 5 \u2014 Visiting and targeting<\/h3>\n

\nNext, we visit with a list of real needs: number of bedrooms, neighborhood, commute time, renovation budget. Of course, an emotional connection is allowed. However, it comes after the criteria, never before. \n<\/p>\n\n

Step 6 \u2014 Submitting a promise to purchase<\/h3>\n

\nThe promise to purchase is your written offer. Most importantly, it contains conditions: inspection and financing. In other words, these are your exit strategies. For example, if the inspection reveals a serious problem, you can withdraw. Concretely, it is your best protection against the fear of being cheated. \n<\/p>\n

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Simple definition \u2014 pre-purchase inspection.<\/strong> An inspector examines the property (roof, foundation, plumbing, electricity) and provides a report. It is an investment of a few hundred dollars that can save you tens of thousands of dollars in surprises. <\/p>\n<\/div>\n\n

Step 7 \u2014 The notary and taking possession<\/h3>\n

\nFinally, the notary verifies the titles and prepares the deed of sale. Thus, you sign and receive the keys. Also, plan for the welcome tax, a tax paid to the municipality after the purchase. However, it arrives a few weeks later: it is therefore better to budget for it from the start. \n<\/p>\n\n\n

The three fears of the first-time buyer (and how to resolve them)<\/h2>\n\n

“I’m afraid of being cheated”<\/h3>\n

\nThis is the fear of the guy at the Guy wave. Concretely, the answer lies in three protections: a serious inspection, a promise to purchase with conditions, and a broker who truly represents you. Thus, with these three, you always have an exit strategy. Consequently, you are never stuck. \n<\/p>\n\n

“I’m afraid a better property will come out right after”<\/h3>\n

\nThis is the perfect wave that never arrives. Thus, the solution is simple: decide on your non-negotiable criteria in advance. Then, if a property checks them off at a fair price, it’s the one. Indeed, a “better” property that is over budget is not a better deal: it’s a different problem. Moreover, this fear subsides on its own with visits: most buyers see 5 to 7 before deciding, and it is through visiting that criteria become clearer. \n<\/p>\n\n

“I’m afraid the payments will be too high”<\/h3>\n

\nThis fear is resolved even before visiting. Pre-approval gives you the actual monthly payment. Additionally, the stress test already qualifies you at a higher rate than your own. So, if you are approved, you maintain a built-in safety margin. \n<\/p>\n\n\n

What has changed for first-time buyers in 2026<\/h2>\n

\nSeveral recent rules work in favor of first-time buyers. Here are the current facts to know. \n<\/p>\n

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