Montreal Home Ownership Financial Assistance Program
Are you dreaming of a property in Montréal?
With its many benefits, the Montreal Home Ownership Financial Assistance Program could make your dream more attainable.
If you’re buying a property for the first time,
take advantage of:
A lump sum financial assistance when you purchase a new property;
A refund of your “welcome” tax if you are a family with at least
one child who is under 18 and you purchase a new property or
an existing residential building with 1, 2 or 3 above-ground dwelling units;
Easier eligibility to the Ville de Montréal Major Residential Renovation
and Renovation à la carte programs when you purchase an existing
residential building with 1, 2 or 3 above-ground dwelling units.
If you already own a property, or have owned one in the last
five years, you are entitled to receive:
A refund of your “welcome” tax if you are a family with
at least one child under 18 and you purchase a new property
having at least 3 closed bedrooms with windows.
Bonus for families!
Families with at least one child who is under 18 are entitled to receive:
6 months of free public transit on purchase of a one-year
OPUS full-fare pass (one free pass per household);
2 Accès Montréal cards to take advantage of discounts
on many activities offered in the cultural metropolis.
Who is eligible for Montreal Home Ownership Financial Assistance Program
Households who buy a first property
that is a new residential unit;
Families with at least one child under 18
who buy a first property that is an existing
residential building with 1, 2 or 3 above-ground d
Families with at least one child under 18 who
already own a property (or have owned one in
the last 5 years) and purchase a newly-built 3-bedroom property.
What type of property is eligible?
The purchase in Montréal of one of the following
types of properties can qualify for financial assistance:
A new residential unit whose total purchase price,
including taxes and extras, does not exceed the stipulated amount;
An existing, exclusively residential building whose
purchase price does not exceed the stipulated amount
and that includes 1, 2 or 3 above-ground dwelling units.
For buildings with 2 or 3 above-ground dwelling units,
at least one of them must be offered for rent on the
date that the financial assistance is paid.
Are there any specific program requirements?
For all property types:
The buyer is a physical person.
Each of the applicants must prove that he/she
has not owned a residential property in Québec
in the last 5 years, including as a result of an
inheritance. Families who have owned a property
in the last 5 years can still get a transfer tax refund
if they purchase a new, 3-bedroom family housing unit.
This 5-year period is based on the dates when the sale
of the previous property and the purchase of the new
one were recorded in the Land register.
To be considered a household with children, the household
must include at least one child who is under 18 years of
age on the date of purchase or who will be born or adopted
within 9 months of that date. In addition, the child must
reside with the applicant at least 40 % of the time.
The date of purchase is the date of registration of the
transaction in the Land register.
Montreal Home Ownership Financial Assistance Program
following the signing of an offer-to-purchase (preliminary contract),
the delay between the submission of the application and the
anticipated date of the transaction (deed of sale) must not
exceed 18 months. Applicants then have 6 months from the
date of purchase to provide all documents required to receive
payment of the financial assistance.
When the application for financial assistance is made on the
basis of a deed of sale, it must be submitted within 6 months
of the date of purchase. Applicants then have 6 months from
the approval of the financial assistance to provide all documents
required to receive payment of the financial assistance.
For new properties:
The applicant must be the first buyer of the property.
The property must not have been occupied before
it was purchased, except by the applicant and only
for a maximum of 12 months before the date of purchase.
The property must be registered under a warranty
program for new homes, provided by a recognized builders’ association.
For existing residential buildings:
The purchase of an existing residential building
that includes 1, 2 or 3 above-ground dwelling units
and that has no other main use, is eligible for financial
assistance. In the case of an existing building with 2 or 3
above-ground units, at least one of the apartments
must be rented out on the date that the financial assistance is paid.
The building must have been constructed or converted
into a residential building for at least 10 years.
The building must not be a divided co-ownership at
the time of purchase, except in the case of an existing
residential building with a single above-ground unit.
In addition, the owner cannot apply for such a conversion
while the application for financial assistance is being processed.
We believe the information contained in this
article to be accurate.It is presented with the
understanding that we are not engaged in
rendering legal,accounting, or investment advice.
When professional assistance is required,
utilize the services of a licensed real estate
broker, lawyer, accountant,
or other consultant as may be required.
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