The Gazette: City offers cash to halt exodus - Help for families to buy houses in Montreal

March 22, 2010 - Montreal Mayor Gérald Tremblay yesterday unveiled what he called "a bouquet of measures" to help make life in Montreal more affordable and attractive to young families.

- A family, including at least one child, that purchases a new home in Montreal with at least three bedrooms and covering 1,033 square feet of floor area will be eligible for a one-time subsidy of $12,500 on a newly built residence with a maximum price of $295,000.

- Grants under the city's current family-incentive program remain capped at $10,000 for a family, with at least one child, that is buying a starter home with two bedrooms or less, for a maximum $265,000.

- Households without children will be eligible for one-time grants of $4,500 to buy homes costing up to $235,000.

Only first-time homebuyers are allowed to take advantage of these financial lures - and then only to purchase newly built residences.

Tremblay unveiled the package in conjunction with a second weekend of open houses hosted by real-estate developers and agents. Generally, apartment leases expire June 30, turning early spring into prime home-shopping time for young families who rent but have an eye to buy.

Among other elements of the plan:

- Refunds will be provided on the so-called municipal "welcome tax" on homes bought with the subsidies - 40 per cent for households without children and 100 per cent for those with offspring.

- The same levels of rebates will be offered to buyers of existing duplexes and triplexes, with various conditions applying and within price limits ranging to $400,000.
Marlene Ofter

Marlene Ofter

Certified Real Estate Broker
CENTURY 21 Max-Immo
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