The Greater Montréal Real Estate Board (GMREB) is in agreement with Team Coferre’s goal to increase levels of homeownership in Montreal. Team Coderre wants to invest $17 million into Montréal’s first-time buyer program, which helps first time buyers attain homeownership by allowing them to tap into their RRSPs for an interest free loan.
The program will now include family households with children under age 6. Maximum prices allowed under the HBP program and eligible housing types will also be adjusted in response to the realities of Montreal’s real estate market. For example, divided co-ownerships will now be allowed.
Mathieu Cousineau, President of the Greater Montréal Real Estate Board spoke on behalf of the organization: “The City of Montreal’s support program for first-time buyers had become too restrictive and needed to be reviewed. We are pleased to see that Team Coderre has made a significant commitment to help future buyers settle in Montréal.”
The GMREB also plans to increase its financial aid when it comes to Quebec’s “welcome tax.” A larger sum will now be reimbursed to first time buyers and family households.
The GMREB encourages all municipalities in Montreal’s Census Metropolitan area to draw inspiration from Team Coderre’s commitments to support first time buyers and families. “First-time buyers have undergone a series of mortgage tightening measures imposed by the federal government. It is time for our governments, at both the municipal and provincial level, to understand the importance of supporting first-time buyers. Residential real estate is an important economic engine and households improve their financial wealth by choosing to become homeowners,” explained Mr. Cousineau.
These measures have become essential given the city’s increasing property prices.