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!