Hoping to keep more potential homebuyers in the city, Montréal has approved a program that refunds buyers who purchase new and existing homes.
To be eligible, buyers must meet strict criteria, including where they can buy and how much they can spend, according to Mayor Valérie Plante.
“It covers many realities. It will be about direct financial support for people who want to stay on the island, and this is what we want more than ever,” she said. “We are simplifying the process. The financial support will come way faster than before.”
A single buyer purchasing a new development for a maximum price of $225,000 will receive $5,000 from the city, while a family buying a new development for a maximum price of $400,000 will receive $10,000.
A family purchasing a new property in the downtown core will receive $15,000 from the city if the property costs a maximum of $450,000. In contrast, families who spend a maximum of $630,000 on an existing home will receive between $5,000 and $7,000 back from the city.
But how feasible are these home prices, considering the state of the housing market?
Amy Assaad, of Royal LePage Heritage, said buyers won’t get a lot of house for these prices.
“I would say in the downtown core you're looking at 750 square feet, so for a young family with a child under 12, it's feasible. For two children, maybe a little more difficult,” she said.
There are arrondissements where you can get more for less.
“If you're looking at the eastern side of Ville-Marie, which is considered downtown, there's a lot more space and you can comfortably fit a young family,” Assaad said.
Also read: While Montréal heats up, Toronto chills
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