Savings Goal Tracker

Buying a home in Quebec is a significant milestone, and saving for the down payment is often the biggest hurdle. In Canada, the minimum down payment is 5% for homes under $500,000, 10% for the portion between $500,000 and $1,499,999, and 20% for homes at $1.5M or above. Putting less than 20% down requires mortgage default insurance (CMHC, Sagen, or Canada Guaranty), which adds a premium of 2.8% to 4% of the mortgage amount.

The CELIAPP: Your Tax-Free Home Savings Account

Introduced in 2023, the CELIAPP (Tax-Free First Home Savings Account) lets first-time buyers contribute up to $8,000 per year (lifetime max $40,000). Contributions are tax-deductible like an RRSP, and withdrawals for a qualifying home purchase are completely tax-free — the best of both worlds. If you start today and maximize contributions, you could accumulate $40,000 in 5 years, plus investment growth.

The RAP: Borrow from Your RRSP

The Home Buyers' Plan (RAP/HBP) allows first-time buyers to withdraw up to $60,000 from their RRSP tax-free for a down payment. Couples can combine this for up to $120,000. You must repay the amount over 15 years, starting the second year after withdrawal. This is not new money — it is a reallocation of your retirement savings — but it can dramatically accelerate your timeline.

Combining Strategies

The most powerful approach combines regular monthly savings with CELIAPP contributions and a RAP withdrawal. For example, saving $1,500/month with $8,000/year in a CELIAPP and $60,000 from your RRSP could get you to a 20% down payment on a $500,000 property in roughly 3 years instead of 5.

Monthly Mortgage Estimates

Your down payment amount directly impacts your monthly mortgage payment. At current rates (~5% for a 5-year fixed), a $475,000 mortgage (5% down on $500K) costs approximately $2,770/month over 25 years, while a $400,000 mortgage (20% down) drops to about $2,330/month — a savings of $440/month. That $440 difference compounds over 25 years to over $130,000 in interest savings.

Quebec-Specific Considerations

Remember to budget for Quebec's welcome tax (droits de mutation), which ranges from 0.5% to 1.5% of the purchase price, plus notary fees ($1,000-$2,000), inspection ($500-$800), and moving costs. First-time buyers in Quebec may also qualify for the provincial tax credit of $750 and the federal HBTC of $1,500.

Use the calculator above to model your personal scenario and see exactly how long it will take to reach your down payment goal. Adjust the sliders, toggle CELIAPP and RAP, and find the strategy that works for your budget.