First-time buyer in Quebec: is now a good time to buy a first property?
First-time Homebuyer in Quebec: Is Now a Good Time to Buy Your First Property?
You still live with your parents, you have a stable job, and the idea of buying your first property is starting to take shape?
You might be thinking of waiting until spring 2027 before seriously starting your search.
Yet, fall 2026 could represent an interesting window for some first-time buyers, particularly those not tied to a lease expiration.
Why?
Because the Quebec real estate market shows signs of rebalancing, that a portion of future rental buyers is not yet actively searching, and that several financial tools can facilitate access to a first property.
That doesn’t mean you have to buy now.
It means it might be wise to check now if you are ready.
Why could autumn be interesting for a first-time buyer?
A first-time buyer who still lives with their parents has something valuable: time and flexibility.
They generally don’t have to coordinate their purchase with the imminent end of a lease.
Conversely, many tenants considering a 2027 purchase will eventually have to decide whether to renew their housing or become owners.
These buyers are not necessarily all active today.
For someone who already has a relatively stable financial situation, starting the process before this period can allow shopping with less urgency and, in some situations, with less competition.
The best time to start a real estate project is often before you’re forced to buy.
Is there really less competition in the Quebec real estate market?
Recent data indeed show signs of a market rebalancing.
For September 2026, the Quebec Professional Association of Realtors (APCIQ) indicates that the Quebec MRC is moving toward a more balanced market. APCIQ - Website
That doesn’t mean properties suddenly became cheap.
It also doesn’t mean bidding wars have disappeared.
But for a first-time buyer, the difference can be significant: when pressure on certain properties eases, it may be possible to have more time to review documents, conduct inspections, and compare options.
After several years where some buyers sometimes felt they had to decide almost immediately, a more balanced market can give buyers a bit more oxygen.
Is it better to wait until spring 2027 to buy?
Not necessarily.
No one can guarantee today that conditions will be better or worse next spring.
Also consider another phenomenon: the lease cycle in Quebec.
As the periods approach when tenants must decide whether to keep their housing, some begin to consider purchasing a property more seriously.
A young adult living at their parents’ may not have this constraint.
They can start analyzing the market now and buy only when a property that truly fits their needs presents itself.
Their advantage isn’t purely financial.
Their advantage is being able to be patient.
What aids exist for a first-time buyer in Quebec in 2026?
It’s probably one of the most important questions.
Many people look only at the balance in their bank account and conclude they’re not ready yet.
Yet, different tools can contribute to a first-time buyer’s down payment.
The TFSA for Home Ownership (CELIAPP)
The Tax-Free Savings Account for the Purchase of a First Home (CELIAPP) was specifically created to help eligible people accumulate a down payment.
For the year you open your first CELIAPP, your contribution room is $8,000. The lifetime limit is $40,000. Eligible contributions are generally deductible from taxable income and the money can grow tax-free inside the account. Canada.ca
For someone who still lives with their parents and has some savings capacity, the CELIAPP deserves to be considered well before the moment of starting property visits.
The RRSP
The Home Buyers’ Plan (HBP) currently allows an eligible person to withdraw up to $60,000 from their RRSPs to buy or build an eligible home. Canada.ca
And an important detail that is sometimes overlooked:
the HBP and CELIAPP can be used for the same property, when the different eligibility conditions are met. Canada.ca
For a couple where both people are eligible, the possibilities become even more interesting.
That doesn’t mean everyone should empty their RRSPs to buy a house. The strategy should be assessed based on each person’s financial situation.
Do you need 20% down payment to buy your first house?
No.
That’s a confusion that still comes up regularly.
A down payment below 20% is possible in several situations, subject to the rules applicable to mortgage financing and mortgage loan insurance.
That’s why a first-time buyer should not automatically conclude:
“I don’t have 20%, so I can’t buy.”
The better question is rather:
“With my down payment, my income, my debts, and the programs I have access to, what is my real purchasing power?”
That’s where a mortgage pre-approval becomes particularly useful. The Financial Consumer Agency of Canada recommends obtaining a pre-approval before starting your search to know your available budget. Canada.ca
What about first-time buyer programs in Quebec?
There are also municipal programs that can apply in certain situations.
For example, Quebec City’s Access Family program can support certain eligible households who wish to acquire a new eligible home.
I view these programs as a complement, not as the main reason to buy.
Eligibility criteria, targeted properties, and available funds can evolve.
The right approach is to check the programs that truly match your situation when preparing your project.
And the “welcome tax”?
You also need to anticipate the land transfer taxes, commonly called the “welcome tax.”
In Quebec City, these taxes are calculated in bands according to the property’s assessed value. For 2026, the City publishes the applicable rates and allows, when the bill reaches at least $300, to pay it in three installments. City of Quebec Regulations
It’s important to include this in the budget from the start, along with other acquisition costs: inspection, notary, moving, tax adjustments, and funds to keep after purchase.
In other words, the down payment isn’t the only amount to budget for.
Should we wait for mortgage rates to fall?
That’s probably the question I’d avoid giving a categorical answer to.
No one can be certain where mortgage rates will be in a few months.
They could decline, stay relatively stable, or rise.
Waiting solely because you hope for a better rate is thus also a bet.
Meanwhile, other variables can change: the number of active buyers, property choices, prices, and your own financial situation.
Rather than trying to predict rates perfectly, a first-time buyer can start by understanding their current borrowing capacity and discussing with a mortgage professional the available options, including how long a rate could be locked in.
Can living with your parents become an advantage when buying?
Yes, especially if this period allows you to save and prepare the project.
Imagine two buyers.
The first must leave their housing in a few months. They must quickly find a property that suits them.
The second still lives with their parents. They have their pre-approval, their down payment organized, and they know their criteria.
They can visit a property and decide that it doesn’t suit them.
Then a second one.
Then a third.
They don’t have to buy.
This ability to wait for the right property can be a significant advantage.
The goal isn’t necessarily to leave the family home as quickly as possible.
The goal is to use this period to become a prepared buyer rather than a rushed buyer.
How do I know if I’m ready to buy my first property?
Even before visiting houses, I’d look at five elements:
- your job stability and income;
- your debts and financial obligations;
- your available down payment;
- your eligibility for CELIAPP, HBP, and other relevant programs;
- your actual mortgage capacity.
Then only comes the search for properties.
It’s much more efficient to look for a house at $450,000 because you know you can buy it than to fall in love with a $450,000 house before you know if the financing works.
Is this the right moment for a first-time buyer?
The answer isn’t the same for everyone.
But for a young adult who still lives with their parents, who has a stable financial situation, and who seriously plans to become a homeowner in 2027, fall 2026 can be an excellent time to start their steps.
Not necessarily to buy this week.
But to:
understand their buying capacity, organize their down payment, use CELIAPP and HBP wisely, obtain a pre-approval, and start watching available properties.
And if a good opportunity arises before more buyers return to the market?
You’ll already be ready.
Key takeaway
Don’t wait to be forced to buy to start your project.
If you still live with your parents and becoming a homeowner is part of your goals, you could be much closer to your first property than you think.
The first step isn’t necessarily to make an offer.
It’s to know exactly where you stand.
🔎 File #008 — resolved.