H3C, an address tailored for families and first-time buyers
An affordable project in the heart of Griffintown
Ideally located in the heart of the Bassins du Nouveau-Havre site, at 1606 rue Ottawa, this Accès Condos accredited project offered 78 affordable units exclusively to families and first-time buyers . The 6 and 7-storey building will be delivered in July 2019.
78 condos offered exclusively to families and first-time buyers
H3C, an address tailored for families and first-time buyers, includes 27 one-bedroom units, 23 two-bedroom units and 28 three-bedroom units, 18 of which are maisonnettes—two- storey, cottage-type units—with a patio or balcony. This offer consisting 65% of two- and three-bedroom units is distinct in the neighbourhood and customized for the needs of families and first-time buyers.
The project is fortunate to have two community housing projects on its site—L’Habitation 21 and L’Habitation 22. These are completely independent projects, with separate buildings and entrances, except for the garage entrance, which will be shared. The ground floor of the building, overlooking the future Place des Arrimeurs, will also add to the commercial space in the neighbourhood.
With this new accreditation, Accès Condos is encouraging families and first-time buyers to settle in Griffintown and is also promoting a positive mix. Such diversity in terms of clientele will contribute to the vitality and quality of life in the neighbourhood.
The exclusive Accès Condos option for H3C buyers
With H3C, an address tailored for families and first-time buyers, Accès Condos accredited, for the first time, an affordable project within an area in high demand—Griffintown—with the clear objective of giving priority to families and first-time buyers wanting to stay in Montréal.
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. This 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
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.
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.
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
* A year of ownership corresponds to a period of 365 days calculated from the date of signature of the notarial act (deed of sale).
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