Denis Coderre is committed to reviewing the residential acquisition assistance program and promoting the housing cooperative model.
“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 in the part of a press conference, Sunday morning.
If elected, Ensemble Montréal undertakes to reform the residential acquisition assistance program, which reimburses the welcome tax to qualified owners, with a sum corresponding to 10% of the value of their purchase.
This amount, 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.
PHOTO PHILIPPE BOIVIN, SPECIAL COLLABORATION
The candidate for mayor of the Sud-Ouest borough, Francine Verrier
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 is 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 rights.
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 operation.
PHOTO PHILIPPE BOIVIN, SPECIAL COLLABORATION
The candidate for mayor of Ahuntsic-Cartierville, Chantal Huot,
“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.