First-time buyer in Montreal: how much cash buffer after closing?

[small_quill]

I’m considering a 1-bed coastal home in Montreal at around C$1,910,000. After the deposit and estimated closing costs, I’d have roughly C$37,800 left.

That remaining cash would need to cover the emergency fund, moving, any immediate inspection-related work, furniture, insurance excess and the first mortgage payment. How would you divide it? I’m leaning toward buying below my maximum because I don’t want ordinary first-year work to become a financial emergency.

 

[noor_taxes]

I’d protect the emergency fund first, then reserve known moving costs and the first mortgage payment. Repairs identified by the inspection come before furniture; furnishing can happen room by room. At this purchase price, C$37,800 does not leave much room for an expensive surprise, so buying below your maximum sounds sensible rather than overly cautious.

 

[yogaAndBeam]

The missing figure is your normal monthly housing outflow. What will the mortgage payment be, and are there recurring service charges? C$37,800 might be workable with strong monthly surplus, but uncomfortable if the purchase leaves little capacity to rebuild savings. I’d also separate urgent inspection findings from cosmetic recommendations—the report may contain both.

 

[cairn.common]

I partly disagree with treating all furniture as optional. You can postpone decorative pieces, but there may be basic items needed immediately. Make a short move-in list rather than setting the furniture budget to zero.

I’d divide the cash into three pots: money that remains untouched, confirmed move-in expenses, and work that must be done promptly. Anything merely desirable waits until you have rebuilt the third pot.

 

[fresh_glass]

Before deciding, ask the inspector to explain which findings need attention now, during the first year, or only monitoring. Also confirm the insurance excess and whether any service charges fall due soon after closing. Those dates matter: several manageable bills arriving before the first mortgage payment can still create a cash-flow squeeze.

 

[hearth.patient]

A useful stress test is to total moving, the first payment, essential furniture and the urgent end of the inspection findings, then subtract that from C$37,800. Would the remainder cover a period of ordinary living costs without relying on credit? If not, the answer is probably a lower purchase price, not a more optimistic allocation.