Complete guide to buy your property

Before house-hunting in Montreal, get clear on your needs and your real financial capacity. List your criteria: bedroom count, target neighborhoods, proximity to work or schools, property type (house, condo, plex). Separate must-haves from nice-to-haves. You'll likely make trade-offs based on budget and supply. For the budget, run the math on income, debt, and savings. Minimum down payment is 5% on properties under $500,000, but a higher down (10% or 20%) cuts mortgage default insurance and your monthly payment. Don't forget closing costs: notary, inspection, welcome tax, moving. Plan for 2 to 4% of the purchase price. Clear prep avoids surprises and lets you focus your search on properties you can actually afford.

Mortgage pre-approval is a must before making offers. It locks in your borrowing capacity and signals seriousness to sellers. Talk to a financial institution or a mortgage broker. They'll review your income, debt, and credit score to set a maximum loan amount. Pre-approval is typically valid 90 to 120 days. It doesn't guarantee final financing (the property gets appraised) but it gives you a realistic price range. Without pre-approval you risk losing a property to a better-prepared buyer or finding out too late that you don't qualify for the amount you expected. Get this done at the start of your project.

A buyer's broker represents you and walks you through the whole process. They typically cost you nothing extra: their commission usually comes from the seller. Pick a broker who knows the neighborhoods you want, replies quickly, and helps you filter relevant listings. A good buyer's broker alerts you to new listings, schedules showings, and runs a comparable analysis on each property. They protect you when drafting the offer and during negotiation. Check their experience with first-time buyers if that's you, and make sure they take the time to explain each step. Trust and responsiveness are critical in a competitive market.

The search runs mainly online: Centris, Realtor.ca, and broker websites. Set up alerts on your criteria so you hear about new listings fast. Hot properties sell in days. Speed matters in the Montreal market. Your broker may also have early access to listings or properties not yet published (soft launches). Visit several neighborhoods to confirm your preferences. Photos and descriptions don't always capture the lived experience. Factor in amenities (groceries, parks, transit), noise (busy streets, neighbors), parking, and public transit. Sharpen your search as you visit. You'll discover what really fits. Keep a list of properties you've seen with your notes to avoid mixing them up and to compare easily.

Showings are when you check each property in person. Look at the overall condition: cracks, water marks, finish quality. Open closets, run faucets, check natural light at different times of day. For a condo, ask for syndicate documents: minutes, financial statements, reserve fund. Ask about condo fees, rules (pets, rentals), and planned work. A weekday and a weekend visit give you a sense of noise and activity. Take photos and notes. Properties blur together fast. Your broker comes along and can flag details you might miss. Don't rush. A second visit before making an offer is always an option.

When you find the right property, your broker drafts the offer. The offer covers the proposed price, the down payment, the possession date, and conditions (pre-purchase inspection, financing, sale of your property). Each clause matters. A firm offer (no conditions) is more attractive to the seller but riskier for you. An offer with conditions protects you. Acceptance windows are typically short, 24 to 48 hours, to keep pressure on. In a bidding war, your broker advises on strategy: offering above asking, reducing conditions, or adjusting the possession date. A well-structured offer maximizes your chances without exposing you to excessive risk.

The seller can accept, reject, or counter your offer. Negotiation can cover price, inclusions (appliances, fixtures), timing, or conditions. Your broker represents your interests and communicates with the seller's broker. Stay level-headed. Don't blow your budget on emotion. A counter-offer at the midpoint is often a fair compromise. If market conditions favor sellers, you may need to be flexible. On the flip side, a property that's been on the market a long time leaves room to negotiate. Your broker knows the context and guides you toward a fair agreement. Once the offer is accepted, you move into the conditions phase.

The pre-purchase inspection is a common and strongly recommended condition. A professional inspector reviews the roof, foundation, electrical, plumbing, insulation, and heating systems. They identify major defects and upcoming work. The inspection report lets you decide: accept the property as-is, ask for repairs or a price reduction, or cancel the purchase if the issues are too big. Don't skip the inspection to speed up an offer. Hidden defects can cost tens of thousands of dollars. Schedule the inspection right after the offer is accepted, within the time frame (usually 7 to 10 days). Your broker helps you read the report and negotiate if needed.

Once the inspection is cleared, the financing condition has to be satisfied. Your lender appraises the property and finalizes your loan. Provide requested documents quickly to avoid delays. If everything is in order, the sale becomes firm. The notary takes over: they verify title, prepare the deed of sale, and coordinate the signing. You'll sign several documents and transfer funds (down payment + loan amount). Notary fees include welcome tax (land transfer duties), search fees, and the notary's fee. The notary will explain each detail. Closing typically happens 30 to 60 days after the offer is accepted. Coordinate your move accordingly.

On closing day you receive the keys and officially take possession. Do a final walkthrough before signing to confirm everything is in order. The seller has cleared out and the agreed inclusions (appliances, fixtures) are present. Note the condition and flag any issues to your notary before closing. Once the deed is signed and payment is made, the property is yours. Change the locks for security, get home insurance (mandatory for the loan), and set up service accounts (electricity, gas, water). If you bought a condo, register with the syndicate to receive documents and meeting notices. Take time to get to know your new neighborhood and personalize your space. A successful purchase rests on rigorous prep and professional support. Congratulations on this new chapter!