The city of Montreal has launched a new HomeOwnership program, designed to help home buyers — particularly families with children.

Families with at least one child who purchase a newly-built home — a three-bedroom property under $295,000 within the city of Montreal — receive $12,500 subsidy and a refund of 100 percent of the real estate transfer tax. Families purchasing a smaller home, under $265,000, receive a $10,000 subsidy as well as the 100 percent transfer tax refund.

Families who buy an existing home — a duplex up to $360,000 or a triplex up to $400,000 — don’t get a subsidy, but they’re still eligible for the 100 percent real estate transfer tax refund.

If you don’t have children, you can still benefit.

A single person buying a new home of up to $200,000, or a two people jointly purchasing a new home of up to $235,000, would receive a $4,500 subsidy and a 40 percent real estate transfer tax refund.

A household without children purchasing an existing duplex (up to $360,000) or triplex (up to $400,000) would receive the 40 percent real estate transfer tax refund.

To qualify, applicants must prove that they have not owned a residential property in Quebec over the past five years.

According to CBC News, Montreal mayor Gérald Tremblay said that the subsidies should help families remain in the city of Montreal, rather than decamping to the suburbs. Read more about the city’s take on the benefits of living in Montreal.

And for more information about the subsidy program or about home buying in Montreal, visit Habiter Montreal.

Photo © Carolyn B. Heller