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March 25th, 2010

Montréal’s Incentives for First-Time Home Buyers

Posted by Joan McGuigan

The City of Montréal has announced special incentives for first-time home buyers, in an effort to keep young families from moving out of the city core.  The CBC has more information:

The City of Montreal has sweetened its home ownership incentives to encourage families to choose the island over suburban living.

The incentives target couples with children who want to buy new property with at least three bedrooms.

First-time buyers with families are now entitled to a $12,500 subsidy if they buy a three-bedroom home under $295,000.

The older subsidy is capped at $10,000 for homes worth a maximum of $265,000, bought by families with at least one child.

Childless households are eligible for a one-time grant of $4,500 to buy homes worth a maximum of $235,000.

All subsidies remain limited to first-time homebuyers.

Mayor Gérald Tremblay said the subsidies should tempt people to stay in Montreal.

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