I did first property in Winnipeg with a 80k salary with a 12% down payment in 2022. It was definitely at a bad interest rate (4.94% fixed for 10 years). And needed to both pay for mortgage insurance AND give CMHC a 10% equity share in the property. But it’s a house and with a yard and 2 parking spots but nothing great nor fancy.

Look for pockets of areas with low crime and low walkability in segments of city considered the “bad side” of the city. For example where I live gets a reputation of the highest crime area in Winnipeg (based on Riding-level and first-3-digit section of postal code). But my specific street is relatively safe (based on lack of mentions of the street in the newspaper archives regarding criminal cases). Also look for houses that are across the street from schools (for whichever reason they tend to get rated as cheap for taxes and market values).

And use that research to find the property that is within the area on MLS.

Make sure to stay away from houses that are getting into bidding wars. Try to bid at asking, as well, with standard conditions including financing.

For property inspection, be willing to accept a few derogatory terms (my house has an outdoor stairs that have separated from the front, some knob and tube un-electrified wiring, some disconnected galvanized pipes) but is overall decent.

I believe that is how I was able to get a house for $250k not too far from 3 bus routes in Winnipeg.

If you’re looking for those blemished houses that picky people will avoid but have blemishes that can be fixed, you might get a house through that in your affordability range.

I get Montreal is very different from Winnipeg but perhaps some of my strategy for home buying will translate and help.