Denis Coderre Wants Montreal To Pay For 10% Of The Very First Home You Buy... Sort Of

With less than a week until the Montreal mayoral election, the candidates are going in hard on their promises and proposals in hopes of attracting supporters. Today, it's Denis Coderre and Ensemble Montréal's turn.

The party is proposing new initiatives and updates to financially support first-time homebuyers in Montreal, including giving them "10% of their new home's value," to be paid back interest-free after they sell their home.

The reformed Home Purchase Assistance Program would be available to first-time homebuyers in the city who meet the income requirements. The party said it would develop income ceilings for different family types: a single person, a couple, a single parent, etc.

Coderre's latest housing proposals also include deferred payments on property taxes for people aged 65 and over with an income of less than $50,000 per year and more investment in co-op housing.

In addition, Ensemble Montréal promises to build 50,000 housing units within four years.

"We want to make a difference for residents who need a helping hand to purchase or keep their home in Montreal but find themselves being pushed away," Coderre said in a statement.

This article’s cover image was used for illustrative purposes only.