Home Ownership Program Montreal

[Navtaj Chandhoke]

Home Ownership Program Montreal

FINANCIAL ASSISTANCE

With its many benefits, the Home Ownership program could make your dream more attainable.

new property or an existing residential building with 1, 2 or 3 above-ground dwelling units;

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:

newly-built 3-bedroom property.

Bonus for families!

Families with at least one child who is under 18 are entitled to receive:

Who is eligible for financial assistance?

1, 2 or 3 above-ground dwelling units;

and purchase a new 3-bedroom property.

What type of property is eligible?

amount;

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.

What territory does the program cover?

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,

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.

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.

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.

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

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

Are there any specific program requirements?

For all property types:

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.

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.

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.

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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