Real conversations for every type of buyer
Buying your first home? The coach explains every step.
AcheteurFuté
AI Coach — Claude Sonnet
I want to buy my first home in Montreal. I have $35,000 in my FHSA and $20,000 in RRSPs. My salary is $75,000. Where do I start?
Great start! With your FHSA ($35,000) + HBP ($20,000, max $60,000) + any other savings, your down payment is already solid.
Your quick snapshot:
- Available down payment: ~$55,000
- Estimated borrowing capacity: ~$350,000 - $380,000 (depending on debts)
- Realistic budget: $370,000 - $400,000
Your next steps:
1. Get a mortgage pre-approval — it's free and confirms your exact budget
2. Keep maximizing your FHSA ($8,000/year = ~$2,400 tax savings)
3. Define your criteria in the app (neighborhood, type, bedrooms)
4. Start importing listings to compare
Want me to look at your borrowing capacity in detail?
Yes! And what exactly is the CMHC premium?
The CMHC premium (Canada Mortgage and Housing Corporation) is mandatory insurance when your down payment is less than 20% of the purchase price.
Specifically for you:
With $55,000 down on a $380,000 property:
- Down payment = 14.5% (< 20%, so CMHC required)
- Premium = $380,000 × 3.10% = $11,780
- It's added to your loan, so you pay it in monthly payments
The tiers:
- 5% down → 4.00% premium
- 10% down → 3.10% premium
- 15% down → 2.80% premium
- 20%+ down → no CMHC!
With just $7,000 more in down payment ($62,000), you'd be at 16.3% and your premium would drop to 2.80%. Worth calculating!
Go to Calculators → CMHC Premium to simulate different scenarios.
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