Accès condos program
An Inovative Approach
The Accès Condos program was inspired by an approach developed by Option for Homes, which has already proved its worth in Toronto. In fact, in 2002, Canada Mortgage and Housing Corporation (CMHC) granted it an award of excellence in the field of housing.
The condominium units developed by SHDM under its Accès Condos home ownership program are all eligible for a purchase credit, which is an innovative financing method created to extend home ownership opportunities to more households in the territory of the City of Montreal.
What is Accès Condo?
Accès Condos involves the development and marketing of affordable divided co-ownership units (condominiums) in the territory of the City of Montreal.
Thanks to the Accès Condos program of SHDM, you can easily become the owner of a condominium. In fact, you only need to pay a deposit of $1,000 and SHDM will advance you 10% of the downpayment you need to purchase a condo from one of the Accès Condos projects.
With Accès Condos it is now possible for more households in Montreal to become home owners!
How does the Purchase Credit Work?
The Accès Condos purchase credit is an amount corresponding to 10%1 of the purchase price applicable as the down payment thus significantly reducing the mortgage amount and limiting the minimum deposit to only $1,000, even if you are not a first-time buyer.
This purchase credit, along with 10% of the added-value, is reimbursable to the SHDM in the following situations:
- The end of the amortization period of the initial hypothecary loan
- An increase in the hypothecary loan
- The rental or lease of the property
- The resale of the property
- The transfer of the property
1Offer conditional on meeting the Accès Condos program's criteria and only applies when purchasing a unit in an Accès Condos building.
Example
You want to buy an Accès Condos unit
valued at $200,000.
The selling price (or market value) is the price that the purchaser would normally have to pay for the same type of property.
The purchase credit is the amount advanced by SHDM by way of downpayment.
The price to pay is the price the purchaser must pay to acquire the property.
Ten years later, you sell your
condo for $300,000.
Everyone is eligible
for the program
Am I eligible
Everyone for whom the availability of affordable property is the best route to home ownership in the territory of the City of Montreal is eligible for the program.
In order to qualify for all the benefits of this program, you simply have to meet certain criteria:
- Buy the property with the intention of living there
- Be eligible for a mortgage loan
- Sign the Accès Condos contract concerning the mortgage guarantee on the purchase credit
- Not being the beneficiary of more than one Acces Condos agreement simultaneously.
The Acces Condos Contract
The Accès Condos Contract is a legal document binding on the purchaser and SHDM, which [records] the value of the purchase credit. The purchase credit amount is protected by a mortgage guarantee held by SHDM and this deed is registered at the land registry office.
Further Assitance for First-time buyers
In addition to the Accès Condos purchasing credit, you may be eligible to other financial aid programs offered to first time homeowners:
- The Home Buyers Plan (HBP), allows you to withdraw up to $25,000 from your Registered Retirement Savings Plan (RRSP), in order to reduce the amount of your mortgage.
- The Home Ownership Program offers subsidies to first time home owners in Montreal. The amount of the subsidy may vary depending on the families. Please see the chart to see the amount for which you are eligible.
purchase price1
assistance
transfer tax
refund
Including taxes and extras. The maximum eligible purchase price is increased by $2,500 for a building certified as being conform to the Novoclimat energy efficiency program or by $5,000 for a LEED-certified building.
A family housing unit is a new residential unit that includes at least five rooms, at least three of which are bedrooms with a window, and a minimum habitable floor area of
96 m2 (1033 ft2) as per the certificate of location. Please note that the floor area indicated on the certificate of location is smaller than the gross floor area generally used by developers. The difference may be as much as 15%.
| Household without children (a single buyer) |
$200,000 | $4,500 | None |
| Household without children (more than one buyer) |
$235,000 |
| Household with at least one child | $265,000 | $10,000 | 100% |
| $310,000 for a three-bedroom "family housing unit" 2 with a surface area under 96 m2 |
$10,000 | ||
| $310,000 for a three-bedroom "family housing unit" 2 with a minimum surface area of 96 m2 |
$12,500 |
Certain conditions apply to each of these programs. For further information, visit their internet sites; you will find the addresses in our Usefull links section.
Through its Acces Condos program offering a 10% purchase credit to buyers, the SHDM facilitates access to homeownership by acting as intermediary between the developer and the purchaser. The actual transaction to purchase remains between the buyer and the developer, the latter being solely responsible for the construction and delivery of the housing units in accordance with Section 1746 of the Quebec Civil Code as well as the warranty program for new residential buildings. The SHDM does not sell housing units and is a third party to the transaction between the developer and the buyer.