Montreal offers new homebuyer incentive
April 19, 2018
The City of Montreal will offer eligible homebuyers from $5,000 to $15,000 in subsidies and tax rebates, with an emphasis on those buying new homes.
The program is available to first-time buyers but also to families with young children who already own a home.
The maximum subsidies – up to $15,000 – are available to families with children who purchase a new home in the downtown core valued at up to $450,000. These would likely be condominiums or townhouses.
The city want to make its downtown area more welcoming to families instead of just singles and couples in smaller condos, according to a city statement.
Assistance is also available for first-time buyers, who can receive up to $5,000 toward a newly built home anywhere in Montreal with a maximum value of $225,000 for a single person and $280,000 for one to accommodate two or more people.
The city expects 700 buyers to acquire homes under the program this year, while estimating that will increase to 3,500 annually in the coming years. Buyers can apply for the incentive on June 1.