City of Montreal Improves Its' Home Ownership Program

City of Montreal Improves Its' Home Ownership Program

Montreal mayor, Gérald Tremblay, Montreal’s mayor announced this March, as part of a series of measures designed to attract and keep families in the city, two new initiatives that support first-time buyers.

The financial assistance to first-time buyers will be increased. More specifically, the City will increase the amount given to eligible families who buy a first home that has three or more bedrooms from $10,000 to $12,000. The subsidies will be funded jointly by the Société d’habitation du Québec (SHQ) and the City of Montreal as part of the Québec Renovation Program.

First-time buyers purchasing a new home, duplex or a triplex will be reimbursed for the land transfer tax (taxe Bienvenue) paid. 40% will be reimbursed by the city for households without children, and 100% for families with at least one child. Eligibility for the reimbursement will be based on the value and type of property being purchased, either:

A new property (registered in a New Home Warranty Program) with maximum value between $200,000 and $295,000

An existing duplex or triplex with a maximum value of $360,000 and $400,000, respectively

Renovation assistance programs, accessible to all, will also be increased. Households with at least one child who take advantage of these initiatives will receive two free Accès Montreal cards and six months of free access to public transit with the purchase of an OPUS card.

It is important to note that applications for financial assistance can only be submitted towards the end of April 2010 once the new measures are in effect. A timeframe between the signing of the Deed (Act) of Sale and the request for financial assistance must be respected.

See the City of Montreal website for all terms and conditions regarding the Home Ownership Program.