Montréal’s new Program for an Affordable Metropolis is designed to promote home ownership and keep homes affordable for at least 30 years.
Helping middle-class households become homeowners
In Montréal, steadily rising real estate prices are putting homes increasingly out of reach of middle-class families and first-time buyers.
To make it easier for these households to buy homes, the city will subsidize 10 per cent of the market value of the property. This subsidy will be in addition to the 10 per cent discount offered by the property developer under the By-law for a Diverse Metropolis. This means the actual price paid will be 80 per cent of the market value of the property.
In turn, buyers will have to keep their property affordable relative to trends in the real estate market. Of course, their homes may increase in value over time.
To be eligible, households must meet certain criteria. In addition, subsequent buyers will have to meet the same eligibility requirements as the first buyer.
Putting properties up for sale
This program is closely linked to the By-law for a Diverse Metropolis, which comes into effect on April 1. It will be implemented as agreements are reached with developers in designated affordable housing zones.
Currently, there are two targeted zones under the program, located in Saint-Laurent and Île-des-Soeurs. Other zones will be added as new residential densification sectors are identified in the Master Plan.
The program will also support affordable residential projects carried out by the Société d’habitation et de développement de Montréal (SHDM), throughout the territory of Montréal.
The program comes into force on April 19, but you can apply for a grant only once eligible units are up for sale. View the terms and conditions on montreal.ca.