Everyone is eligible, whether a first-time buyer or already an owner. You have to pay a deposit of only $1,000 and the SHDM will advance you 10% of the down payment required to purchase an Accès Condos accredited unit.
IN BRIEF: Standard option = Everyone eligible + 10% purchase credit
The purchase credit helps you buy your condo in Montréal. How does it work?
The SHDM, which manages the Accès Condos program, selects condo projects in Montréal that it accredits based on various criteria, including their affordability. You therefore buy your condo from the developer, while benefiting from the Accès Condos financial tool offered by the SHDM.
In addition, Accès Condos offers you a purchase credit of 10% of the accredited condo price and that percentage amount may be applied to your down payment, with a minimum deposit of $1,000 as your only immediate financial contribution. A great opportunity to reduce your mortgage loan!
When you resell your condo, after having repaid the SHDM the purchase credit as well as 10% of the increased value of your property, you will pocket the portion of the principal repaid as part of your mortgage loan and 90% of the increased value. A great investment!
The standard option of the Accès Condos program has attracted your interest. But where do you start?
How does it work? Here is an example.
The condo project where this option applies now…
The project, delivered in 2019 autumn, offers 70 affordable condo units.
The Faubourg Contrecœur Phase 5, whose construction was completed in 2018, numbers 95 units across from Carlos-D’Alcantara Park.