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Buyer calculator →Buying your first property in Quebec in 2026 is a significant financial challenge. According to QPAREB data from January 2026, the median condo price reached $428,000 (+2%) and single-family homes $615,000 (+4%). The good news: several government programs can significantly reduce the financial burden. With a key rate at 2.25% and a 5-year fixed rate at 3.69%, the timing is right to plan your first purchase.
🏦 HBP — Home Buyers’ Plan
The HBP is the federal government’s flagship program for first-time buyers. It allows you to withdraw funds from your RRSP to finance your down payment, without paying immediate tax on the withdrawal.
$60,000
Per person
$120,000
Per couple
15 years
To repay
✅ Eligibility — Must not have been a homeowner in the last 4 years
✅ Timing — Funds must have been in the RRSP for at least 90 days
✅ Repayment — Starts the 2nd year after withdrawal, spread over 15 years
✅ Occupancy — You must live in the property within the year following the purchase
💡 Tip: the limit was increased from $35,000 to $60,000 in 2024. If you had already used the HBP and fully repaid it, you can access it again.
💰 FHSA — First Home Savings Account
Launched in 2023, the FHSA combines the advantages of the RRSP and the TFSA. Your contributions are tax-deductible (like an RRSP) and your withdrawals for purchasing a first home are tax-free (like a TFSA).
$8,000
Annual contribution max
$40,000
Lifetime limit
$0
Tax on withdrawal
⚠️ Important: the FHSA must be used within 15 years of opening. If you don’t buy, the funds can be transferred to your RRSP without affecting your contribution room.
💡 Stackable with the HBP: yes! A first-time buyer can combine the FHSA ($40,000) and the HBP ($60,000) for a total of $100,000 per person, or $200,000 per couple.
💳 Down payment — 5%, 10% or 20%?
The minimum down payment depends on the property price. With less than 20%, you will need to pay CMHC mortgage insurance, with a premium ranging from 2.8% to 4% of the borrowed amount.
✅ $0 to $500,000 — Minimum 5% down payment
✅ $500,001 to $1,500,000 — 5% on the first portion + 10% on the remainder
✅ Over $1,500,000 — 20% minimum (no CMHC insurance)
Real-world examples (QPAREB data January 2026)
Condo at $428,000
5%: $21,400
10%: $42,800
20%: $85,600
Single-family at $615,000
5%: $36,500
10%: $61,500
20%: $123,000
⚠️ Amortization: with a 20% down payment, you can choose a 30-year amortization (instead of 25 years), which reduces your monthly payments by approximately 12%. Since December 2024, first-time buyers can also access 30-year amortization with a down payment of less than 20%.
📋 Tax credits and welcome tax
Beyond the HBP and the FHSA, several tax credits and exemptions can reduce the total cost of your first purchase.
🇨🇦 Federal credit
Amount of $10,000
Actual credit: $1,500
Non-refundable
🏘️ Welcome tax
Partial or full rebate
Varies by municipality
Montreal, Quebec City, Gatineau
📦 GST/QST rebate
New construction only
Up to $6,300 (GST)
+ QST rebate
💡 Tip: check with your municipality if a welcome tax rebate program is offered to first-time buyers. Some cities reimburse up to 100% of the transfer duty.
💡 Optimal strategy — combining HBP + FHSA
The most effective strategy for a first-time buyer in 2026 is to combine the FHSA and the HBP to maximize your down payment. Here is a 2-3 year plan:
Year 1: Open an FHSA and contribute $8,000. Also contribute to your RRSP for the HBP.
Year 2: Contribute $8,000 to the FHSA (total $16,000). Continue RRSP contributions.
Year 3: Contribute $8,000 to the FHSA (total $24,000). Withdraw $60,000 from the HBP.
Result: $84,000 in down payment per person, $168,000 per couple.
5-year fixed rate
3.69%
February 2026
Variable rate
3.35%
February 2026
⚠️ Stress test: even though the fixed rate is at 3.69%, banks qualify at 5.69% (rate + 2%). Plan for a margin in your budget.
📊 Program summary
HBP
$60,000
Tax-free RRSP withdrawal
FHSA
$40,000
Deductible + tax-free withdrawal
Credit
$1,500
Federal first-time buyer credit
Total
$100,000+
HBP + FHSA per person
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