Denis Coderre wants to facilitate access to property

Denis Coderre is committed to reviewing the residential acquisition assistance program and promoting the housing cooperative model.

Alice Girard-Bossé
Press

“The obstacle to homeownership for Montrealers lies in the price of real estate, but also in the inability of many citizens to pay the amount required for the down payment,” said Mr. Coderre at a conference. press release, Sunday morning.

If elected, Ensemble Montréal undertakes to reform the residential acquisition assistance program, which reimburses property transfer taxes, commonly known as the “welcome tax”, to qualified owners, with an amount corresponding to 10% of the value of their purchase.

This sum, which would be paid by the City of Montreal, should be reimbursed without interest on the sale of their property.

Eligibility

Mr. Coderre would like to set up an online calculator that would allow Montrealers to know if they are eligible. The maximum income ceilings for access would be determined according to the type of family, that is, a single person, a single parent, a couple, with or without children.

“Currently, the City of Montreal has a residential acquisition assistance program that reimburses the welcome tax […] to buyers who qualify. They are obviously few to be eligible because of criteria out of sync with the market, ”said Francine Verrier, candidate for mayor of the Sud-Ouest borough.

To prevent investors from taking advantage of the situation, an agreement would be established with the buyer to allow the City of Montreal to take back part of the real estate gain if the property was sold within the first five years, argued the conductor of Ensemble Montréal.

In addition, people 65 and over with incomes of less than $ 50,000 would be able to defer the payment related to the annual increase in property taxes on the sale of the home for the first million in value of their home.

Ensemble Montréal is also considering the abolition of property transfer taxes.

Housing cooperatives

Finally, Ensemble Montréal wishes to set up a property tax refund program that would be offered to new cooperatives during their first two years of activity.

“Several cooperatives, which are in reality social housing, can eventually be stifled by property taxes and have difficulty surviving when major repairs occur,” concluded Chantal Huot, candidate for mayor of Ahuntsic-Cartierville.