- Closing costs: CMHC recommends budgeting 1.5% to 4% of the purchase price.
- In Gatineau, the welcome tax is about $4,100 on $400,000, refundable to eligible first-time buyers since 2026.
- A $400,000 house is not $2,130 a month: the realistic budget is around $2,800.
Closing costs
These are the costs that arrive in the weeks around signing. CMHC recommends budgeting between 1.5% and 4% of the purchase price to cover them: the notary, the inspection, the tax adjustments with the seller, and often the largest, the welcome tax, officially the transfer duties.
In Gatineau, the 2026 schedule is 0.5% on the first bracket up to $62,900, 1% up to $315,000, 1.5% up to $500,000 and 3% above. On a $400,000 property, that is about $4,100. On $500,000, about $5,600. The bill arrives by mail after the transaction and is paid in cash.
The good news: since January 1, 2026, Québec refunds this tax to eligible first-time buyers through a refundable tax credit, up to $5,875. In the $400,000 example, it would be refunded in full. You still have to pay it first, then claim it on your tax return.
What a house costs per month, for real
A $400,000 house with 5% down: you borrow $380,000, CMHC's loan insurance premium is added to the loan, and at a 4.25% rate over 25 years, the calculator shows about $2,130 a month. But nobody lives in a mortgage alone.
The real monthly budget adds municipal and school taxes, about $350 in Gatineau depending on the area. Home insurance, around $110. Electricity and heating, about $180 on average over the year, more in winter, less in summer. The realistic budget is closer to $2,800 a month. That is the figure that should decide your purchase, not the calculator's.
When you plan with the real amount from the start, the first winter brings no bad surprise, and you shop in the right price range from the first visit.
Frequently asked questions
Where does the $2,130 monthly payment come from?
From a 25-year calculation at the insured rate posted in September 2026, CMHC premium included in the loan. Rates move: redo the calculation with your pre-approval rate. The other amounts (taxes, insurance, electricity) are Gatineau and Québec averages, variable by area and house.
On $400,000: $6,000 to $16,000 in closing costs, including about $4,100 of welcome tax (refundable to first-time buyers). Per month, count about $2,800, not $2,130.
- Add 3% of your target price to your savings goal, on top of the down payment.
- Ask for the tax bill of the properties you are interested in.
- Get a home insurance quote for a typical address.
- Redo your monthly budget with the real total, not the payment alone.
Sources : CMHC, closing costs (1.5% to 4%) · Ville de Gatineau, 2026 transfer duties schedule · Revenu Québec, home ownership tax credit (2026)
Get the guide, the budget worksheet and the checklists
The nine chapters as a PDF, a fill-in budget worksheet and the checklists for every step, in your inbox. Three questions, thirty seconds.