First-Time Home Buyer Mortgage in Quebec: Rates, Rebates and Minimum Down Payment
Minimum down payment, the land transfer tax rebate you are owed, and what income the stress test actually demands in Quebec.
Who a first time home buyer in Quebec covers
- Buyers who have not owned a home in the last four years
- Anyone using an FHSA or the Home Buyers’ Plan for the down payment
- Households trying to work out whether the price they want is reachable
What Quebec lenders look for
| 5% down below $500,000 | The statutory minimum. Between $500,000 and $1.5M it is 5% on the first $500,000 and 10% on the rest. At $1.5M and above it is 20%. |
| Default insurance | Mandatory under 20% down. The premium is added to the mortgage; the provincial sales tax on it is not and must be cash at closing. |
| FHSA | Up to $8,000 a year and $40,000 lifetime, deductible going in and tax-free coming out for a first home. The strongest first-time buyer instrument available. |
| Home Buyers’ Plan | Up to $60,000 from an RRSP, repayable over 15 years. Stacks with the FHSA. |
First-Time Buyer mortgage rates in Quebec
First-time buyers with less than 20% down get insured pricing, which is the lowest on the board. Putting more down can genuinely produce a worse rate.
What a typical purchase looks like
| Typical price | $623,000 |
| Minimum down payment | $37,300 |
| droits de mutation | $7,456 |
Averaged across 4 Quebec markets we track. Calculate yours →
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First-Time Buyer mortgages across Quebec
Prices and property tax vary widely inside the province, and both feed your qualification.
| Market | Typical price | Minimum down | |
|---|---|---|---|
| Montreal | $645,000 | $39,500 | Affordability → |
| Quebec City | $508,000 | $25,800 | Affordability → |
| Laval | $850,000 | $60,000 | Affordability → |
| Gatineau | $489,950 | $24,498 | Affordability → |
First-Time Buyer mortgage questions for Quebec
Is 20% down better than 5%?
Not always. Crossing 20% removes the insurance premium but moves you off insured pricing onto insurable or uninsured, where rates are higher. Between roughly 15% and 20% the arithmetic often favours putting less down. It is worth running both.
What income do I need?
It depends on price, property tax and your other debt, and it is calculated at the stress-test rate rather than the rate you pay. Use the affordability calculator for your market rather than a national rule of thumb.
Do I qualify as first-time if I owned a home years ago?
For most programs, yes — the usual test is not having occupied a home you or your spouse owned in the current year or the four preceding years. Provincial land transfer tax rebates sometimes use a stricter definition.
What does it cost to close in Quebec?
Transfer duties (welcome tax) on a $623,000 purchase comes to $7,456, due in cash on closing. Full Quebec closing costs →
First-Time Buyer in Quebec?
Send us the file and a licensed broker comes back with what is realistically available — which lenders will take it, at what rate, and what they will want to see.
