Buying a condo in Montréal is not just about finding a nice kitchen. It is about financing structure, building health, offer timing, and closing discipline. This guide walks through the process the way an experienced buyer's broker does — step by step, with the questions that actually matter.
Get pre-approved before you fall in love.
The most common mistake buyers make is browsing listings before they know their real budget. A mortgage pre-approval tells you three things: what the lender will lend, what your monthly payment looks like, and what your down payment needs to be. It also gives you a rate hold, usually 90 to 120 days.
For owner-occupied condos, 5% down is possible on the first $500,000. Investors and buyers over $1M usually need 20%. If you are self-employed or have variable income, expect more documentation and possibly a larger down payment.
Location, layout, and lifestyle.
Montréal's condo market is hyper-local. A one-bedroom in Griffintown, the Plateau, and Villeray can trade at very different prices per square foot for very different reasons. Decide early: do you need parking? Is transit access non-negotiable? Are you buying to live in now and rent out later? Each answer changes the neighbourhoods and buildings that make sense.
Look past the staging.
On visits, check the building common areas, elevator condition, hallway noise, storage space, and natural light. In the unit, test water pressure, open and close windows, look for cracks or water stains, and ask about recent special assessments. A clean unit in a poorly managed building can become expensive fast.
Price, conditions, and timing.
Your broker will run comparables, advise on offer strategy, and draft the Promise to Purchase. A strong offer in Montréal usually includes a deposit cheque, a financing condition, an inspection condition, and a review of condo documents. In multiple-offer scenarios, you may need to reduce or waive conditions — a decision that should never be made without understanding the risk.
Condo docs and inspection.
Once accepted, the clock starts. Review the declaration of co-ownership, minutes, financial statements, reserve fund study, and insurance certificate. Order an inspection even for newer buildings — it often reveals maintenance issues, ventilation problems, or soundproofing deficiencies that are not visible on a visit.
Notary, welcome tax, and keys.
Closing happens at the notary's office, where you sign the deed of sale, mortgage documents, and adjustments for taxes, condo fees, and utilities. Budget for the Montréal welcome tax (droit de mutation), notary fees, moving costs, and any immediate condo fee adjustment.