Thinking about purchasing property in Montreal? You may be about to get a boost, thanks to a new policy by the City’s Plante administration, which is looking to incentivise families to stay on the island, despite rising home prices.

The initiative, which will come into effect on June 1, will reimburse a portion of the “Welcome Tax” homeowners face when purchasing a property. The program will be open to all buyers, not just first time homeowners.

Buyers of existing properties will be refunded $5,000 - $7,000, depending on the value of the home, and regardless of property type (whether it’s a co-property, family home, or multiplex). However, the value of the property cannot exceed $630,000 in order to qualify. The amount of the refund depends on other factors as well, such as if there will be children living in the dwelling.

As for families who buy properties in newly constructed projects, they will be eligible to receive up to $15,000 in financial aid, however the qualifications are quite stringent.

In order to qualify for aid, the cost of the new property cannot exceed the following amounts:

• $225,000 for households with no children (single buyer);
• $280,000 for households with no children (but with more than one buyer);
• $400,000 for households with children (outside of the downtown core);
• $450,000 for households with children (in downtown core).

It’s estimated the $21.2 million program will benefit over 3,500 households in Montreal.

If you’d like to learn more contact a member of the Deakin Realty team today to discuss your real estate needs, and how you may benefit from this new initiative.