Montreal new-build: is C$51,300 enough to keep after closing?

[small_quill]

I would prefer to buy with enough breathing room that a repair or income interruption does not become a crisis. The obstacle is that this three-bedroom Montreal new-build costs about C$1,910,000, leaving around C$51,300 in cash once the deposit and projected completion expenses are paid.

That balance may need to cover moving, basic furniture, condo or service charges, the insurance deductible, the first mortgage payment and anything from the inspection that cannot wait. How would you split it between fixed near-term bills, immediate work and a reserve that stays untouched? I am happy to furnish slowly. My bigger concern is committing too much of the buffer before the inspection findings are separated into urgent repairs, cosmetic items and issues that might be dealt with by the builder.

 

[cairn.common]

I’d protect the emergency fund first and furnish gradually. Moving and truly immediate inspection items come next; spare-room furniture and decorative purchases can wait. Also keep the first mortgage payment and the first round of condo/service charges in the account rather than mentally treating them as covered. What does the C$51,300 need to support monthly, and is your income stable enough to rebuild it?

 

[cairn.common]

One more point: “new-build” does not necessarily mean every inspection finding requires your cash immediately. Separate safety or damage-prevention work from cosmetic defects and items that may be addressed through the builder. Until you know which category each finding belongs to, I would not assign the entire repair bucket.

 

[BalancedMap]

I’m less comfortable with the overall margin. C$51,300 sounds substantial on its own, but it is under pressure from several known expenses before it becomes a genuine emergency reserve. I’d price the move, insurance deductible, initial charges and essential furniture now, then subtract those from C$51,300. If the remainder would not cover your chosen number of months of mortgage and living costs, buying slightly lower is the cleaner answer.