Summary
- Buying your first house in the Laurentians, the budget to consider
- Assistance programs for a first purchase
- Buying your first house in the Laurentians step by step
- What makes the Laurentians market unique
- Buying your first house in the Laurentians, in summary
- FAQ
Buying your first house in the Laurentians requires solid financial preparation and a good understanding of assistance programs. Well equipped, a first-time buyer moves forward with confidence rather than stress.
A first purchase is exciting, but the list of numbers, acronyms, and steps can be intimidating. Where do you start, and how much should you actually plan for?
This guide breaks down the down payment, the HBP and FHSA programs, the steps of the transaction, and the particularities of the regional market. You’ll know exactly what to prepare before making an offer.
Buying your first house in the Laurentians, the budget to consider
Properly planning your budget is the first step to buying your first house in the Laurentians. The down payment is the first milestone. In Canada, the minimum is 5 percent on the first $500,000, then 10 percent on the portion between $500,000 and $1,499,999.
If your down payment is under 20 percent, mortgage loan insurance becomes mandatory. Its premium gets added to the borrowed amount, a detail to factor into your calculations from the start.
Since August 2024, first-time buyers purchasing a new-build property can also benefit from a 30-year amortization, which lowers monthly payments. Finally, plan for notary fees, the welcome tax, and the inspection.
Assistance programs for a first purchase
Two federal programs considerably ease the savings effort. They can be combined for the same property, making them a powerful pairing.
| Element | HBP | FHSA |
| Maximum withdrawal | $60,000 per person | $40,000 lifetime |
| Repayment | Yes, over 15 years | Not required |
| Tax treatment | Withdrawal not taxable if repaid | Contribution deductible, withdrawal not taxable |
The Home Buyers’ Plan lets you withdraw up to $60,000 from your RRSP, to be repaid over 15 years. The First Home Savings Account offers $8,000 per year, up to $40,000, with no repayment required.
The common strategy is to withdraw from the FHSA first, then top up with the HBP. As a couple, combining both programs can add up to a significant down payment.
Before house-hunting, it’s helpful to confirm your budget and affordable areas. A meeting with a local broker can help clarify things.
Buying your first house in the Laurentians step by step
A well-run transaction follows a clear sequence. Every step protects your interests and avoids unpleasant surprises.
- Get mortgage pre-approval to know your borrowing capacity.
- Define your needs and target areas, then shop around with a local broker.
- Submit a purchase offer with the right conditions attached.
- Schedule a pre-purchase inspection before lifting conditions.
- Finalize financing and sign the deed of sale at the notary’s office.
Two conditions deserve special attention. The choice of financing affects your payments for years, so compare a fixed or variable mortgage rate. And never skip the pre-purchase inspection, which can save you thousands of dollars.
What makes the Laurentians market unique
The regional market isn’t an ordinary urban market. Vacationing, seasonality, and strong demand affect prices and timelines. These realities change the game when it comes time to buy your first house in the Laurentians.
Inventory remains limited and conditions often favor sellers, which can lead to competing offers. It’s therefore better to understand the dynamics of multiple offers ahead of time, to stay strategic without going over budget.
Prices also vary a lot from one area to another. A first-time buyer benefits from targeting neighborhoods where their budget offers the best potential. To explore the options, browse the properties for sale in the area.
Buying your first house in the Laurentians, in summary
Buying your first house in the Laurentians becomes much simpler with a clear plan, a well-prepared down payment, and the right tax levers. The HBP and FHSA can make a real difference to your budget.
Since every situation is unique, local support helps target the right area and make a solid offer. To assess your budget and options, contact our team.
FAQ
What down payment do you need to buy your first house in the Laurentians?
To buy your first house in the Laurentians, the minimum down payment is 5 percent on the first $500,000, then 10 percent on the portion between $500,000 and $1,499,999. Below 20 percent, mortgage loan insurance becomes mandatory. Also plan for notary fees, the welcome tax, and the inspection.
Can you combine the HBP and the FHSA?
Yes, the HBP and the FHSA can be fully combined for the purchase of the same first property. Many first-time buyers use the FHSA first, whose withdrawal is tax-free and requires no repayment, then top up with the HBP as needed. As a couple, combining both programs can represent a substantial down payment. A financial advisor can confirm the strategy based on your situation.
How much can you withdraw with the HBP in 2026?
Since April 16, 2024, the Home Buyers’ Plan allows withdrawals of up to $60,000 from your RRSP for a first purchase, compared to $35,000 previously. An eligible couple can therefore mobilize up to $120,000. This withdrawal is tax-free, provided you repay it into your RRSP over a maximum period of fifteen years.
