Buying your first condo in Montreal can feel like a milestone: a mix of freedom, investment, and stepping into adulthood. It’s easy to get swept up in the excitement: the stylish showrooms, the freshly painted walls, the idea of finally having a place that’s yours. But beyond the Instagram-worthy kitchen and the dream of not paying rent anymore, there are a few things most people *don’t* tell you the stuff that doesn’t come up in casual conversations but makes a big difference in the long run.
1. The Down Payment Is Just the Beginning
Most people focus on saving for the down payment, but what they don’t realize is that the real cost of buying kicks in after that. Beyond your initial 5% to 20%, you’ll need to account for closing costs, notary fees, welcome tax (the infamous *taxe de bienvenue*), inspection costs, condo certificate, adjustments, and more. These can easily add up to 3%–5% of the purchase price. For example, a $450,000 condo might actually require another $15,000 to $20,000 on top of your down payment just to finalize the deal. And that’s not counting moving costs or buying appliances and furniture if they’re not included. If you’re scraping together just enough to put 5% down, you could find yourself financially stretched before you even get the keys.
2. Condo Fees Aren’t Always What They Seem
Condo fees or *charges de copropriété* are monthly amounts every co-owner pays, but what they actually cover can vary widely. Some buildings include heating, hot water, and even cable or internet, while others only cover snow removal and common lighting. What’s worse, a low monthly condo fee might seem appealing at first until you realize the building isn’t putting aside enough in its reserve fund. That’s when special assessments can hit, sometimes for thousands of dollars, to cover emergency repairs like a new roof or foundation issues. Always review the condo’s financials, reserve fund balance, and long-term maintenance plan. You’re not just buying the unit you’re buying into how well (or poorly) the building is managed.
3. The Building’s History Affects Your Future
You might fall in love with the unit, but the overall condition of the building can make or break your investment. Ask the tough questions: How old is the roof? Have the balconies or exterior brick been redone? Are there any major renovations planned? These repairs are often shared costs between all unit owners, and they can be expensive. Request the most recent minutes from the co-ownership meetings they’ll reveal ongoing issues, upcoming projects, and even internal disputes between neighbors. It’s a great way to assess the building’s financial health and the vibe of the co-owner community. Don’t be surprised to find mentions of noise complaints, leaks, or disagreements about budgets. It’s all part of the reality of condo living.
4. Location Trumps Bells and Whistles
It’s easy to get distracted by quartz countertops and rooftop terraces, but don’t forget the one thing you *can’t* change: location. A well-located condo near a metro, grocery store, or vibrant main street will hold its value far better than a unit in a flashy new build that’s isolated. Proximity to transit, walkability, bike paths, and future development all play a role in your quality of life and the long-term potential of your investment. Even if the unit isn’t perfect today, you can always renovate down the line. But you can’t move it closer to your favorite café, your work, or your social life. When in doubt, pick the location that makes everyday living easier. It’s a decision that will pay off whether you stay, sell, or rent it out.
