Home Ownership Program Montreal

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Home Ownership Program Montreal

Post: # 47589Post Flipping4Profit.ca
Tue Jan 29, 2019 3:36 pm

Home Ownership Program Montreal
Direction de l’habitation
FINANCIAL ASSISTANCE



Are you dreaming of a property in Montréal?

With its many benefits, the Home Ownership 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 who is under 18 and you purchase a
newly-built 3-bedroom property.

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 financial assistance?
• 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 dwelling units;
• 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 new 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.

Renovation Québec Program


What territory does the program cover?
The program is available throughout the city of Montréal.
What is the amount of financial assistance?
The amount of financial assistance varies according to the type of household and the type of property.
The financial assistance for the purchase of a new property includes a lump-sum payment and, for families,
the refund of the real estate transfer tax (“welcome” tax):

1 At least two of the purchasers must occupy the residential unit as their principal residence.

2 Including taxes and extras. The maximum eligible purchase price is increased by $2,500 for a building certified as being conform to the Novoclimat energy efficiency program or by $5,000 for a LEED-certified building. The purchase price, if it includes a parking space which is identified in the same deed of sale as the residential unit, will be reduced by the price of the parking space as declared by the developer. The price of the parking space must not exceed the market value of a parking space.

3 A “family housing unit” is defined as a new residential unit that includes at least 5 rooms, of which at least 3 are closed bedrooms with a window.

4 Please note that the habitable floor area shown on the certificate of location which will be used to validate the interior habitable floor area may be as much as 15% less than the gross floor area the measure which is generally used by developers.

5 A first-time buyer is a person who has not owned a residential unit in Québec in the 5 years preceding the purchase of the property for which financial assistance is requested.

6 An experienced buyer is a person who currently owns a residential unit in Québec or has owned one in the 5 years preceding the purchase of the property for which financial assistance is requested.

1 The amount of financial assistance cannot however exceed the amount of the real estate transfer tax charged for a building with a value corresponding to the maximum purchase price allowed for residential buildings with 2 or 3 above-ground dwelling units.

2 A first-time buyer is a person who has not owned a residential unit in Québec in the 5 years preceding the purchase of the property for which financial assistance is requested.

The financial assistance is paid once the new owners have demonstrated that they occupy the residential unit as
their principal residence and that they have satisfied all other program requirements. In the case of an existing
building with at least 2 or 3 above-ground units, at least one of the apartments must be rented out by the new
owner on the date that the financial assistance is paid.

The applicant must pay the real estate transfer tax within the prescribed delay; the amount will subsequently
be refunded. Interest due to late payment of the real estate transfer tax is not included in the calculation of the
financial assistance. In addition, if the real estate transfer tax is not paid in full in the twelve months following the
date on which the bill was issued, the beneficiary will no longer be eligible for this reimbursement

Households with children who take advantage of this program are eligible to receive 6 months of free public transit
on purchase of a one-year OPUS full-fare pass (one free pass per household). These families will also receive 2 free
Accès Montréal cards. They will be informed of the procedure to obtain these benefits upon approval of the financial
assistance. In addition, some of the eligibility criteria for the Renovation à la carte and Major residential renovation
programs have been simplified, under certain conditions, for beneficiaries who receive financial assistance for the
purchase of an existing residential building.

The program ends when the funds earmarked for it have been exhausted, or on the date fixed by the executive
committee of Ville de Montréal.

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 five-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.
• When the application for financial assistance is made 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 for its payment.

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