Buying a Montreal home is an experience that comes with various emotions attached, especially if it’s your first time. From feeling joyful and excited to feeling scared and apprehensive, you’ll feel like you’re riding an emotional rollercoaster. Since purchasing a house is probably one of (if not the) most significant investments you’ll make in your life, feeling this way is entirely understandable. That’s what inspired us to try to help and write this article. We’ve consulted Montreal real estate experts and asked for tips to help you go through this experience as stress-free as possible. And, since finances are the number one concern and worry for most buyers, in this article, we’ll focus on tips that will help you save money when buying a house in Montreal. Now let’s get to work!

How to save money when buying a house in Montreal?

It’s not a secret that buying a house is expensive. From the property price and closing costs to moving expenses, it can quickly add up and make you start rethinking your decision. Even with all the advice for buyers you’ve read, you can still feel unsure and ready to back out.


However, take a deep breath and relax. There are ways to save money when buying a house in Montreal. We did the work and gathered six simple tips to help you reach your homeownership goal while remaining financially safe. By the time you’ve finished reading, you’ll feel more confident and ready to hit the real estate market.

#1 Set a realistic and reasonable budget

Saving money starts with knowing how much you can afford and strictly sticking to that number. So before you start searching for your new Montreal house, take your time to evaluate your finances and set a realistic budget. If you are unsure how to do this on your own, you can always seek advice from a financial expert.

Even if now it’s not a good time to purchase a home, don’t give up. It might take a while, but if you focus on saving more on your downpayment and boosting your credit score, you’ll quickly reach the financial position you need to purchase your dream house in Montreal.

#2 Check out different mortgage options

Before you start looking for your Montreal house, you should make it a priority to shop around for a mortgage and do your homework on the subject. The most advantageous terms and interest rates for loans can and should be discovered by comparing the loan offers of several different lenders.


Don’t make the mistake of taking the first offer you get, as you can end up losing a lot of money. Instead, look around for the most reputable mortgage broker you can find who works with all the major financial organizations.

#3 Work with an experienced Montreal real estate agent

Many inexperienced buyers feel that a great way to save money when buying a house in Montreal is to do it without help. In reality, you can end up spending more money if you work without an experienced real estate agent on your side. Therefore, choosing trustworthy and knowledgeable Montreal real estate experts is a must.

They will understand what you’re looking for and find homes that perfectly fit your budget, no matter how tight it is. More importantly, they will have the necessary skills to help you negotiate the best possible price once you’ve found the right property.

Do remember that it’s best to choose a local real estate agent with plenty of experience with Montreal. A local real estate agent would be able to assist you every step of the way. They will also explain unfamiliar language and deal with traveling on your behalf if you don’t live near. It will make your job that much easier and less stressful. 

#4 Get creative and cut other costs

One of the best ways to save money during a home purchase is to look for ways to save on other costs. For example, you will need to organize your long-distance move to Montreal, which can cost quite a lot if you don’t do your research first. Therefore, get quotes from different movers before you decide which ones will help you reach the city easily. Compare their services and what the costs include, and pick the one that brings most value for the money.

The great news is that there is a way to claim moving-related costs as a tax deduction for those who buy their first house in a new area. The condition is that the new home is at least 40 kilometers closer to your workplace or university. You can end up deducting things like transportation and storage, the cancellation of your lease, and travel expenses, including meals, fuel, and lodging, among other things, so make sure to check if you’re eligible.

#5 Choose to pay a higher down payment

If you can make a down payment equivalent to 20% of the home’s purchase price, you will be exempt from having to pay for private mortgage insurance. As a result, you’ll be saving thousands of dollars over the life of the loan. Private mortgage insurance is the same thing as mortgage loan insurance; it protects your lender if you cannot make your payments.

#6 Negotiate closing costs

When you pay for all of the closing costs alone, it can become quite expensive. Fees for the attorney, interest, fees charged by the lender, fees charged by the title company, and appraisals are all examples of typical closing costs.


Thankfully, many of the costs associated with closing can be negotiated. So don’t be hesitant to haggle with the seller to pay some of the closing costs. Don’t be scared to ask them to cover all of them, especially if market conditions favor buyers and they’ve struggled to sell for a while. Your Montreal real estate agent will help you to use that leverage and negotiate better conditions for yourself. 

The bottom line

As you can see, no matter how expensive buying a house in Montreal is, there are always ways to save money and have a smooth and easy experience. The key to achieving both is reaching out to Montreal’s real estate pros. They will have the expertise and knowledge to help you make the most of your home-buying adventure.