Improved Financial Assistance Plan to Encourage Home Ownership

The Ville de Montréal improved its Home Ownership Program, which aims to help tenants purchase affordable housing in Montréal.

Since last year, the QFREB has been working with the Office municipal d’habitation de Montréal to make the Ville de Montréal revise this program. The QFREB considered that the program’s guidelines were no longer realistic, considering the increase of property prices over the last few years.

The announced improvements include, among others, larger subsidies for those who wish to purchase property in Montréal. For example, households with at least one child are now eligible for $10,000 in financial assistance compared to the previous amount of $7,500. Including taxes, the maximum purchase price has also been increased from $200,000 to $235,000. Subsidies for singles and couples without children have also been improved, as well as the subsidies offered to tenants who wish to purchase the rental property they live in (plexes with 2 to 5 dwellings). The QFREB will continue to call for other measures from the Ville de Montréal, which will become part of a strategy to attract families to Montréal.

Good news, don’t you think? Tenants and first time buyers get moving, before their generosity runs out.

For more information, visit la Ville de Montreal Site, or if you need a step by step process and help with the purchase process contact Sheila.

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