The Residential Property Acquisition Support Program in Montreal: Eligibility and Criticisms

The "Programme d'appui à l'acquisition résidentielle" (Residential Acquisition Support Program) is a financial assistance program offered by the city of Montreal to help individuals and families purchase a property in the city[1]. The program provides a subsidy to help with the down payment and closing costs of purchasing a property. However, the program has faced criticisms from some politicians and citizens who believe that it needs reform.

### Eligibility

To be eligible for the program, the property must meet certain criteria. It must be a new or existing residential property, such as a condominium, single-family home, or rental building with 2 to 5 above-ground units. The property must be located in Montreal and must be entirely residential. The applicant must also commit to living in the property as their primary residence for at least three years and to purchase another property in Montreal and make it their primary residence within one month if they sell the property during this period[1].

To apply for the program, applicants must fill out a form and submit it along with the required documents. The application can be submitted by email, in person at an Accès Montréal office, or by mail to the Service de l'habitation[1].

### Criticisms

Despite the program's goal of helping individuals and families purchase a property in Montreal, some politicians and citizens have criticized the program for various reasons. For example, Ensemble Montréal, the official opposition party in Montreal, has called for a reform of the program[1]. They believe that the program should be more targeted towards Montreal citizens and permanent residents, rather than being accessible to anyone from other provinces or countries. They also believe that the program should have a maximum income requirement to ensure that the funds are going towards those who need it the most.

Ensemble Montréal has also called for more inspections to be conducted to ensure that the funds are being used appropriately. They believe that the current maximum of 5 years for inspections is not enough and that it should be increased to 7 years, as is the case for tax audits conducted by Revenu Québec[1].

### Other Financial Assistance Options

In addition to the Residential Acquisition Support Program, there are other financial assistance options available to help individuals and families purchase a property in Montreal. For example, the Quebec government offers a non-refundable tax credit to first-time homebuyers who purchase a property in Quebec and plan to use it as their primary residence. The Société d'habitation et de développement de Montréal (SHDM) also offers a program called Accès Condos to help individuals and families purchase a condominium in Montreal.

Overall, the Residential Acquisition Support Program is a helpful program for those looking to purchase a property in Montreal. However, criticisms of the program have highlighted the need for reform to ensure that the funds are being used appropriately and that the program is benefiting those who need it the most.

For more information about the program check out the website here.

Citations:

[1] https://www.newswire.ca/fr/news-releases/ensemble-montreal-reclame-une-reforme-du-programme-d-appui-a-l-acquisition-residentielle-899595461.html