The program is part of the Règlement pour une métropole mixte (RMM) bylaw coming into effect on April 1, and aims to make owning property easier for Montrealers while ensuring "affordability over a period of at least 30 years."
The program is currently only available in two sectors of two boroughs — Verdun and Saint-Laurent — but the City says new areas will be added progressively.
Homebuyers who want to take advantage of the program must have a household income that's equal to or less than the purchase price divided by 3.5.
Households without children who want to receive the discount cannot have been homeowners in the last five years, but this rule is not applied to families with a child who is 13 years old or younger.
The City expects to help 150 to 315 households with an average subsidy of $44,500 per home between 2021 and 2023.
The new subsidy will provide 10% of the market value of a property, which comes into effect upon the acquisition of the home.
It will also provide a 10% builder’s discount, required by the RMM bylaw, bringing the actual price paid to 80% of the market value of the property.
The City says the program preserves the affordability of a home over 30 or more years. When the home is resold, the maximum price must correspond with an annual increase of 3%, calculated on its reduced purchase price.
At the end of the 30-year period, the City has a right of first refusal, which allows it to acquire the property under the same terms and conditions of the program and put it up for sale.
As an example of how the program works, a home with a $500,000 market value will have a 10% builder’s reduction and a 10% subsidy from the City, for a reduced price of $400,000.
To purchase a home at that price, the buyers' household income must not be more than $400,000 divided by 3.5 — which comes out to a maximum household income of $114,300.
You can find more information on the program here.
Expedia also shared data on Canadians' interest in visiting Quebec destinations. After Quebec City and Mont-Tremblant, Canadians seem to want to travel to La Malbaie, Tadoussac, Montreal and Gaspésie — in that order.
The results were based on searches for trips that would take place between July 7 and September 30.
By evaluating six metrics — "transparency in government," "transparency in society," "transparency in economy," "civic honesty," "perception of theft" and "car dealer reviews" — the company put our fine city in 54th place out of 350 cities included in the study.
Team Canada has just announced its roster for the Tokyo 2020 Summer Olympics and 58 Quebecers are heading to the Games to make the country proud, according to a press release from the Canadian Olympic Committee.
From experienced medal winners to first-time Olympians, the Quebec athletes on Team Canada have every chance to bring home some gold.
The City of Montreal and Formula E organizers have finally reached a settlement after five long years of deliberations and arguments. The saga, which involved a lawsuit against the city and Mayor Valérie Plante following a cancelled 2018 race, is finally over thanks to the out-of-court agreement.
In a press release, Benoit Dorais, chairman of the executive committee responsible for finance and legal affairs, said that the city "authorized an out-of-court settlement in the amount of capital, interest and costs of $3 million payable by the City to Formula E Opérations Limitée (FEO) in full and final settlement of the case."