Montréal launches a new Home Ownership program for families!

Get money back on your welcome tax and possibly a lump sum…all this at the end of April 2010.

If you haven’t owned a property in the last 5 years in Quebec you are eligible to be considered for reimbursements.

You must buy a home/plex that has at least 5 rooms, 3 of which are bedrooms and a minimum floor area of 1,033 ft2.

You are eligible whether you have kids or not.

You have six months from the date of purchase to provide all documents required to receive payment of the financial assistance.

Examples of financial aid:

A family of first-time homebuyers with children
buys a duplex for $345,000. The family will occupy the ground floor and a tenant occupies the top floor.

The household is eligible for a reimbursement of 100% of the real estate transfer tax (“welcome tax”), which is $3,675.

A family of first-time homebuyers with children buys a new “family housing unit” with three bedrooms and a floor area of at least 96 m2 for $285,000.

The household is eligible for:

A reimbursement of 100% of the real estate transfer tax (“welcome tax”), which is $2,775 and

A lump sum of $12,500

Total subsidy: $15,275

In addition, if it is a housing unit built under the SHDM’s AccèsCondo program, the household would also be eligible for a $28,500 purchase credit.

PLUS….
Households with children who take advantage of this program will be eligible for six months of free public transit access on purchase of a one-year OPUS full-fare pass. These families will also receive two free Accès Montréal cards.

N.B.: Applications for financial assistance can only be submitted towards the end of April, once the municipal council has adopted the new program and it comes into effect.

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This entry was posted on Monday, April 12th, 2010 at 12:41 pm and is filed under Home Buying. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

6 Comments »

Comment by Cat

Thank you for this great blog – I’ve found it to be a very valuable resource!

One thing I don’t understand about this initiative: If the property value is over $295k (which, let’s face it, is fairly low for a 3 bedroom home on the island) does that mean the program does not apply?

Posted on April 13, 2010 at 10:19 am

Comment by Jennifer Walker

Yes that seems to be correct. For homes in this price range, as of today, April 13, there are 475 =3 bedroom homes available under $295. In areas all over the island of Monteal. Call me if you would like a list of those in your area. -jenn

Posted on April 13, 2010 at 2:13 pm

Comment by Cat

Thanks Jenn! Actually, I should have phrased more carefully hehe. There’s not much in that price range where we just bought, which is NDG

Posted on April 15, 2010 at 11:26 am

Comment by Jennifer Walker

No there isn’t! You are right there.

Posted on April 15, 2010 at 11:39 am

Comment by Wohnimmobilien

This procedure sounds really good to me, I think I am going to conduct it that way. Or do you think its already too late, because its june now, april is gone?

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