Mayor Valerie Plante announces program to help Montreal families buy homes

Apr 11 2018, 3:47 pm

On Wednesday, April 11, at 11:30 am, Mayor Valerie Plante and Vice President of the Executive Committee Magda Popeanu announced a new residential acquisition support program. The program is meant to help more Montrealers acquire property, especially for families.

Plante explains that while it’s great news that Montreal is booming economically, “the value of homes [are] also growing significantly.” The new program is to help “avoid the exodus of families” and help those “who wish to settle in Montreal and become owners.”

The two announced that their new Residential Acquisition Support Program has an annual reserve budget of $21.2 million. Plante stresses that the new program is “simpler, more efficient, more generous, and more flexible than the current program,” giving the city the ability to help more households.

According to a statement, the number of families assisted by the program will increase dramatically. In 2017, the program managed to give aid to approximately 700 households. The revamp will help reach more than 3,500 households per year.

Plante also notes that “the city of Montreal has never offered such a strong support program over the last 30 years.” Applications for the program will open on June 1, 2018.

The specifics of the program have not yet been announced. More details to follow.

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