In addition to prioritizing families and first-time buyers, the exclusive option includes resale conditions designed to encourage buyers to remain owners of their condo unit for at least 5 years (therefore avoiding speculation). All you need to do is pay $1,000 as a deposit and the SHDM will advance you 15% of the down payment required to purchase an Accès Condos accredited unit under its exclusive option.

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15% purchase credit (down payment advanced by the SHDM)
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Please note that the CMHC Mortgage Loan Insurance premium (if applicable) is not included in this calculation.

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3%
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Amortization period
25 years
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Repayment of purchase credit and increased value
Re-sale of unit in (year)*
Percentage of increased value that you will have to repay**

* Please note that one year of ownership corresponds to a period of 365 days calculated from the date on which the notarial act (deed of sale) is signed.

** Repayment conditions differ depending on whether the condo is purchased under the standard option or the exclusive option. The purchase credit is greater under the exclusive option; however, in order to avoid speculation, the percentage of the increased value to be repaid depends on the number of years of ownership before the condo unit is re-sold.

Calculate owner's equity at time of re-sale (net value of property, minus mortgage)
Profit per year
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Re-sale in (year)
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Value of your property
Your mortgage balance
Initial purchase credit
Amount of increased value to repay
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Owner’s equity at time of re-sale (net value of property, minus mortgage)
Do your calculations
EXCLUSIVE OPTION

EXCLUSIVE OPTION

This option has been specially developed for the condo project H3C, an address tailored for families and first-time buyers, located in the heart of Griffintown. It aims to limit the risks of real estate speculation, while offering an even more attractive opportunity for families and first-time buyers, who are the focus of the Accès Condos program. The exclusive option therefore consists of eligibility criteria, a 15% purchase credit to reduce the buyer’s down payment to $1,000 and conditions on resale.

 

IN BRIEF: Exclusive option = eligibility criteria + 15% purchase credit + resale conditions

Priority for families and first-time buyers

Priority for families and first-time buyers

When the H3C project is launched, families and first-time buyers will be given priority for the purchase of these units. Prospective buyers, in addition to qualifying for a mortgage loan, will be required to prove they have one of these two statuses and will need to sign a witnessed declaration at the time of reserving their unit. “First-time buyer” status will enable the purchase of a 1- or 2-bedroom unit, while “Family” status will also enable the purchase of a 3-bedroom unit.

To be considered a “Family”*:

the household must have at least one child who is under 18 years of age (in sole or shared custody) on the date the preliminary contract is signed or who is to be born or adopted within nine months following that date. At the time of signing the notarial deed, the household will have to prove that its situation has not changed. Whether this household is a first-time buyer or an experienced buyer does not matter in order to qualify under the “Family” profile. The name of the prospective buyer who qualifies under the “Family” profile will have to be indicated on the deed of sale; otherwise the sale cannot be completed.

To be considered a “First-time buyer”*:

each prospective buyer must demonstrate that he or she has not owned a home in Québec in the past five years, including through an inheritance. This five-year period is defined according to the dates of registration in the Land Register of the sale of the previous property and the purchase of the new property. The date of purchase corresponds to the date of registration of the transaction in the Land Register.

* See below for a list of documents to provide at your appointment to buy your unit.

A 15% enhanced purchase credit. 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.

To help households interested in buying a condo in Griffintown, a popular neighbourhood with higher property values than elsewhere, the purchase credit offered by the SHDM to buyers of a condo unit in the H3C project is 15% of the value of the condo.

This purchase credit, applicable to the down payment, with a minimum deposit of $1,000 as your only immediate financial contribution, is a great opportunity to reduce your mortgage loan!

Five (5) years later (or starting in the 6th year of ownership), if you resell your condo, after having repaid the purchase credit as well as 15% of the increased value of your property to the SHDM, you will pocket the portion of the principal repaid as part of your mortgage loan and 85% of the increased value. A great investment!

A 15% enhanced purchase credit. How does it work?<

More advantageous resale conditions after 5 years of ownership

More advantageous resale conditions after 5 years of ownership

To truly meet Accès Condos’ target clientele and to avoid attracting speculators interested in a quick resale, the Accès Condos program’s exclusive option offers a financial incentive to keep the condo for at least five years.

If you terminate the Accès Condos agreement before this period of ownership* of the unit, the percentage of the increased value to be paid to the SHDM will be higher, as indicated below:

If you sell within the first year of ownership, you will have to pay 50% of the increased value.

  • In the 2nd year: 40% of the increased value
  • In the 3rd year: 30% of the increased value
  • In the 4th year: 25% of the increased value
  • In the 5th year: 20% of the increased value
  • From the 6th year on, you will be required to pay only 15% of the increased value

For a personalized example, use the calculator at the top right of this page (Do the math).

* A year of ownership corresponds to a period of 365 days calculated from the date of signature of the notarial act (deed of sale).

A unique purchasing process customized to effectively target families and first-time buyers

A unique purchasing process customized to effectively target families and first-time buyers

In view of the eligibility criteria specifically for this exclusive option of the Accès Condos program and the attractiveness of the neighbourhood where the H3C project is located, the process for purchasing these units was specially customized. A number of scenarios were assessed and the online registration was selected.

Instead of rushing to the sales office and lining up for hours to be among the first to reserve a unit, the interested buyers had more than five weeks, from the opening of the sales office, on September 22, 2018, to get ready and obtain their mortgage prequalification. On November 3, 2018, an online form has been activated to receive the applications and generate a list of qualified buyers, sorted in chronological order.

Thereafter, the sales team have contacted the qualified buyers to arrange appointments and the signature of the preliminary contacts, by chronological order of registration.

In others words, the buying process operated on first-come, first-served basis.

« Family » Profile

Each prospective buyer who qualifies for the “family” profile must provide documentation that proves that one or more prospective buyers are parents of a child who is under 18 years of age (in sole or shared custody).

If the child was born, one of the following documents must be provided as proof:

  • The child’s birth certificate
  • Proof of adoption of that child
  • The child’s passport

If the child has not yet been born, a letter dated and signed by a doctor, confirming the pregnancy and the expected date of delivery, must be provided.

If the language of the document presented is other than English or French, it must be accompanied by a translation by a member of the Ordre des traducteurs, terminologues et interprètes agréés du Québec (OTTIAQ).

Also note that a witnessed declaration must be signed at the time of your appointment at the sales office to confirm qualification as a “family”. If subsequent checks show that this statement is false or that it is not representative of the actual situation, the sales team will be allowed to cancel the reservation. In addition, the $1,000 down payment will not be refunded.

« Family » Profile <
« First-time buyer » Profile

« First-time buyer » Profile

Each prospective buyer must provide the required documents.
Two proofs of residences are required to show that each prospective buyer has not owned a home located in Québec in the past five years, including:

Any one of the following documents, depending on the situation:

  • Copy of the lease
  • Letter from parents confirming the address and length of stay, along with proof of residence of the signer (copy of lease or municipal tax bill)
  • Letter from a co-tenant confirming the address and length of stay, along with proof of residence of the signer (copy of lease or municipal tax bill)
  • Letter from a landlord confirming the address and length of stay, along with proof of residence of the signer (copy of lease or municipal tax bill)

As well as one of the following documents:

  • Copy of tenant insurance
  • Copy of an invoice for a service, with full name and address

Also note that a witnessed declaration must be signed at the time of your appointment at the sales office to confirm qualification as a “first-time buyer”. If subsequent checks show that this statement is false or that it is not representative of the actual situation, the sales team will be allowed to cancel the reservation. In addition, the $1,000 down payment will not be refunded.

How does the exclusive option work? Here is an example.

You buy an accredited Accès Condos unit under the exclusive option valued at $250,000
  • Purchase price:
    $250,000
  • Purchase credit under the exclusive option - 15%:
    - $37,500
  • Minimum contribution from the buyer:
    - $1,000
  • Amount of your mortgage:
    = $211,500
5 years later*, you resell your condo at the price of $300,000
  • Increased value of your unit (Sales price minus purchase price):
    $50,000
  • 15% of the increased value to reimburse:
    $7,500
  • Exclusive option purchase credit to reimburse:
    + $37,500
  • Total reimbursement to the SHDM:
    = $45,000
*Starting in the 6th year of ownership A year of ownership corresponds to a period of 365 days calculated from the date of signature of the notarial act (deed of sale).
Remaining equity after resale 5 years later
  • Sale price:
    $300,000
  • Total reimbursement to the SHDM:
    - $45,000
  • Mortgage balance at time of resale**:
    -$178,000
  • Remaining equity after resale:
    = $77,000
*Mortgage balance based on a mortgage with a 4% interest rate and a 25 years amortization period.
For a personalized example, try the calculator: Do your calculations

The project where this option applies…

h3c

H3C, an address tailored for families and first-time buyers

Ideally located on the Bassins du Nouveau-Havre site, this accredited Accès Condos family-friendly project will consist of 78 units, offering 1, 2 and 3 bedrooms in the sought-after area of Griffintown, a stone’s throw from the Lachine Canal.

1606, rue Ottawa, Montréal
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