Known for its rich cultural tapestry and robust economy, Quebec is an ideal destination for first-time homebuyers on a budget. The vibrant cities of Montreal, Laval, Quebec City and Gatineau attract thousands of new residents annually thanks to their stunning landscapes, slower lifestyles, and lively arts scenes.
However, with home prices rising across the country, most prospective buyers can use all the help they can get. Here are some notable incentives and programs for first-time homebuyers in Quebec.
Quebec home buyer’s tax credit
Unlike other provinces, Quebec does not offer a full rebate on land transfer taxes. However, it does offer a tax credit.
The Quebec Home Buyer’s tax credit is relatively simple. In the same year that one purchases a home for the first time, a credit up to $1,400 will be applied to an individual or family’s tax return.
Quebec City Family Access Program
The Quebec City Family Access Program offers financial assistance through an interest-free loan of up to 5.5% of the property value.
Under this program, the maximum purchase price of the home cannot exceed $370,000. Additional eligibility criteria includes not owning a home in the five year period prior to applying to the program, and not exceeding a maximum gross income of $150,000.
Montreal Home Purchase Assistance Program
Montreal’s Home Purchase Assistance Program is a municipal initiative that provides financial assistance to eligible home purchasers within the city. First-time homebuyers and experienced buyers with at least one child under the age of 13 are welcome to apply.
Assistance can take the form of a loan or a tax refund, depending on the buyer’s income level and circumstances. Financial assistance ranges between $5,000-15,000 depending on the cost of the home, as well as whether it is new or pre-existing.
Learn more at montreal.ca
Accès Condos
The Accès Condos program provides affordable financing options and down payment assistance for eligible applicants looking to purchase newly built condo units. The program works by partnering with developers to offer units at reduced prices and mitigate high costs of urban living.
Accès Condos focuses on urban areas, particularly Montreal, where there is a high demand for housing.
Eligibility requirements and loan terms vary by project and whether one opts for the standard or exclusive option of the program.
Learn more at accescondos.org.
Most of these programs and incentives can be used in conjunction with federal programs, such as the Home Buyer’s Plan and GST/HST New Housing Rebate. However, it’s important to double-check whether you’re eligible to do so, as the situation will vary by individual circumstances.
Ready to start searching for a new home in Quebec? Check out Livabl’s inventory of new home listings in Quebec at livabl.com.
