19 Apr Montreal Home Buyers Program Refund Up To $15000
Montreal Home Buyers Program
Montreal mayor Valerie Plante just introduced a new Montreal home buyers Program with refunds up to $15000.00. The mayor is trying to encourage more people to stay on the island by providing some financial support. The downtown Montreal core has not had much to offer for families, especially when it comes to affordability.
The new program has strict and defined criteria:
- A single buyer purchasing a new development for a maximum price of $225,000 will receive $5,000 from the city.
- A family buying a new development for a maximum price of $400,000 will receive $10,000.
- A family purchasing a new property in what’s considered the downtown core would receive $15,000 from the city if the property costs a maximum of $450,000
- Families purchasing an existing home who spend a maximum of $630,000 will receive between $5,000 and $7,000 back from the city
Although this is an improvement from what currently exists, the downside is that the purchase prices defined in the new plan don’t reflect the current Montreal home or condo prices for families looking to purchase in the downtown core. The good news is that the plan is for all buyers, not just new ones. The plan goes into effect June 1st, those that purchase in May can still be eligible.