Montreal first purchase: is C$12,150 enough after closing?

[small_quill]

Seeing the remaining cash fall to C$12,150 has made me less comfortable with this purchase than the mortgage approval did. The property is a 1-bed duplex in Montreal priced at about C$1,701,000, and that balance is what I expect to retain once the deposit and projected completion expenses are paid.

It would still need to cover the move, urgent inspection findings and basic furniture without wiping out my emergency money. I also have to clarify whether there are recurring shared charges, how the insurance excess affects the buffer, and where the first mortgage payment lands in the cash-flow calendar.

Would you ring-fence most of the C$12,150 and postpone furniture, or is the amount simply too tight? I am leaning towards a cheaper purchase if routine first-year work would otherwise consume nearly everything.

 

[isa_titles]

At that purchase price, C$12,150 feels thin if it is your entire remaining cash reserve. I’d keep at least C$8,000 untouched, allow about C$2,000 for moving and use the balance only for genuinely immediate work. Furniture can wait. Also map your paydays against the first mortgage payment rather than assuming the closing estimate covers the transition.

 

[SolidTrail]

Is the duplex the whole building or a unit described as duplex-style? That affects what maintenance and shared charges might fall on you. I would also want to know whether the C$12,150 is after every firm closing item or only an early estimate. Before dividing it, get the inspection findings, a moving quote, insurance terms and confirmation of any recurring building charges.

 

[small_quill]

The C$12,150 is just the projected amount after the deposit and estimated closing costs; I haven’t assigned it to separate pots yet. The inspection and moving cost are not firm, and I still need the lender’s first-payment date and the full insurance details. That uncertainty is what makes me think the target price may be too close to my ceiling.

 

[SamCove]

I wouldn’t force the current C$12,150 into neat percentages. The inspection should come first. Cosmetic work can join furniture on the waiting list, but an urgent water, electrical or heating issue changes the affordability decision. If the inspection identifies work that would consume most of the reserve, the answer may be a lower price or a different property, not a smaller emergency fund.

 

[SamCove]

Following your update, make a dated cash-flow list rather than one total: money due before possession, moving day costs, the first mortgage payment, and any known immediate repair. Keep the emergency fund separate on paper. The insurance excess belongs in the risk calculation, but it is not an automatic bill at closing. Confirm whether “service charges” actually apply to this particular duplex and what they cover.

 

[musicAndWorkshop]

I agree with the dated list, but I wouldn’t reserve the full insurance excess in addition to a general emergency fund and count both as unavailable. The same cash can cover more than one unlikely event. Known costs are different: moving and inspection-identified repairs need their own money. The real warning sign is if those known items already reduce the emergency reserve to almost nothing.

 

[CleoBrooks]

C$12,150 is the condition I would test, but I would not assume every possible risk needs its own fully funded pot. The dated cash-flow list suggested above should show which bills are certain and when they fall due. Moving costs and confirmed inspection work belong there; the insurance excess can sit within the wider emergency calculation unless a claim actually arises.

Then run the balance against three repair outcomes: nothing urgent, a normal amount of first-year work, and one costly defect you could genuinely afford. If only the first version preserves a useful buffer, the purchase price is doing the damage. Furniture beyond the essentials can wait until the first few months show what the duplex actually requires.