Being ready to buy isn't just about having a down payment. It also means having a stable income, a clean credit report, a cushion for the unexpected and a clear idea of what the property will cost you every month. Answer the 10 questions below honestly: your result appears as soon as you answer the last one, with targeted tips.

Self-assessment: am I ready?

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1. Is your income stable?

Lenders look at how stable your income is. Self-employed people generally need to show 2 years of tax returns. Learn more →

2. Have you put together your down payment?

Calculate the exact minimum for your target price, then see how the FHSA and the HBP can speed things up. Learn more →

3. Do you have money for closing costs on top of the down payment?

Welcome tax, notary, inspection, adjustments: plan for several thousand dollars in cash. Learn more →

4. Will you still have a cushion after the purchase?

A water heater that gives out or a job loss happens more often than you'd think in the first year. Learn more →

5. Where do your consumer debts stand?

Every monthly debt payment directly reduces how much the bank will agree to lend you. Learn more →

6. Have you checked your credit report recently?

You can get your credit report free of charge from Equifax and TransUnion, and correct errors before you meet a lender. Learn more →

7. Do you have a mortgage pre-approval?

A pre-approval confirms your real budget and guarantees a rate for a limited time. Learn more →

8. How long do you plan to live in the property?

With the costs of buying and later selling, buying for a short stay is often less advantageous than renting. Learn more →

9. Have you tested a property's monthly cost in your budget?

For a few months, set aside the difference between your rent and your future monthly cost: it's the best test, and it grows your down payment. Learn more →

10. Do you know which assistance programs you'll use?

Combined, the FHSA, the HBP and tax credits can add up to tens of thousands of dollars. Learn more →

How to read your result

The quiz gives more weight to what actually stands in the way of a purchase: the down payment, closing costs, your credit report and income stability. A middling score doesn't mean "no": it shows you what to work on first. The questions highlighted after your last answer are the ones where a small improvement will make the biggest difference.

Being ready ≠ getting the bank's maximum

The amount a lender will lend you is based on debt ratios and a rate increased by the stress test. It doesn't account for your other plans: children, travel, retirement savings. Before you set your search budget, compare your borrowing capacity with a budget that stays comfortable. Use the calculator →

Frequently asked questions

How do I know if I'm ready to buy a house?

You're generally ready if your income is stable, you've put together your down payment and the money for closing costs, you'll still have an emergency fund after the purchase, your credit report is in good shape and you plan to live in the property for at least a few years.

This content is for information only and is not financial, tax or legal advice. Amounts, limits and program criteria change regularly — confirm your situation with the relevant bodies (CRA, Revenu Québec, City of Montreal, CMHC) or a professional before making a decision.