What is the Montreal Home Ownership Program?
Have you ever heard about it? If you are thinking of buying a condo or new property in Montreal, the City of Montreal wants to facilitate home ownership for first time home buyers and encourage developers to build more affordable house for families.
Home Ownership Program
The City of Montreal offers 2 financial assistance program:
- Home Ownership Program is a lump sum paid to the buyers for the purchase of a new property under conditions
- Welcome Taxes Refund for families purchasing a new property or a residential building with 1 to 3 above ground dwelling units
You are eligible if
- you haven’t owned a property for the past 5 years
- you are a family with at least one children under 18 years old who purchase a first and new residential property in Montreal OR an existing property with 1-3 above grounds
Maximum price for a NEW property
For first time home buyers
- Household without children (or single buyer): up to $200,000
- Household without children (more than one buyer): up to $250,000
- Household with at least child: up to $280,000 or $360,000 if family housing unit
A family housing unit is defined as a unit with at least 5 rooms including a minimum of 3 bedrooms with windows.
For experience buyers
- Household with at least one child: up to $360,000 for family housing unit
You are an experienced buyer if you already own a residential property in Quebec and haven’t purchased in the past 5 years.
Maximum price for an EXISTING property
- Building with 1 above ground unit: up to $450,000
- Building with 2 above ground units: up to $475,000
- Building with 3 above ground units: up to $490,000
Note that this applies only to household with at least one child.
How to apply
Complete the application with the City of Montreal, to access the application click here.
When to apply
The application is submitted on the basis of
- Deed of sale: you have until 6 months following approval of the application
- An offer-to-purchase: you have until 6 months following the signature of the deed of sale
This is totally free.
The buyers should live in the residential unit as a primary residence for a minimum of 3 years.
Check with City of Montreal
Click here to know more about the Home Ownership Program.
If you want to use this program and buy a brand new condo or pre-construction condo in Montreal, you can contact me anytime here.