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Accès Condos, a valuable tool for Montrealers

February 14 2018

Accès Condos, a valuable tool for Montrealers

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The introduction of new mortgage qualification rules on January 1, 2018, raises many questions for aspiring homeowners who might fear having to curb their ambitions.

While the requirements are now more stringent to qualify for a mortgage with a lender, the Accès Condos financial tool represents an even more opportune lever for many Montrealers who want to buy a home and settle in Montréal.

Since the tightening of the rules to avoid over-indebtedness of households, all borrowers, whether they have a large or a small down payment, must now show that they have the capacity to repay their mortgage in the event of an increase of their interest rate. To do this, the bank will offer a current mortgage rate as part of the loan, but will qualify its client based on the Bank of Canada’s five-year benchmark rate.

The Accès Condos financial tool can therefore help you for several reasons:

  • Thanks to the sharing of risks between the developer and the SHDM which accredits the projects, the condos are offered at affordable prices without any compromise on the quality of the building. For example, the prices of the condos offered at Faubourg Contrecœur Phase 5 range from $169,900 (including taxes) for the 1 BDR units and $214,298 (including taxes) for the 2 BDR units.
  • A purchase credit of 10% of the condo price applicable to the down payment is offered to home buyers, which enables them to reduce their monthly mortgage payments and facilitate their mortgage approval.
  • The initial contribution from buyers is only $1,000, which gives them more flexibility to increase their down payment and reduce the amount of their mortgage.

All these advantages give additional leeway to buyers who have the desire and capability to acquire a condominium, by allowing them to reduce the amount for which they must now qualify.

Note that Accès Condos is a program that accredits affordable, high-quality residential projects and provides buyers with a 10% purchase credit on the condo’s purchase value, enabling them to buy with only a $1,000 deposit and at the same time reduce their monthly mortgage payments.

Since its creation in 2005, SHDM’s Accès Condos Program has enabled more than 3,600 households to acquire a quality property at very competitive prices while staying in Montréal. This program does even more. It contributes to the revitalization of neighbourhoods in a sustainable way, by the creation of dynamic living environments. For more information, visit accescondos.org

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August 28 2017

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August 28 2017

Accès Condos Accredited Project | Faubourg Contrecœur Phase 5 | Opening of the Sales Office on Saturday, September 16, 2017, at 10 am

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October 17 2013

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October 17 2013

Accès Condos, an effective tool for acquiring a property in Montréal

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Looking for information on accreditation Accès Condos for residential projects? Would you like to be notified of the upcoming dates for submitting proposals for an Accès Condos accreditation? Join our mailing list and ask us your questions by filling this form.

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How did you hear about the Condo Access Program ?
I WOULD LIKE TO REGISTER FOR THE SHDM MAILING LIST AND BE INFORMED OF THE UPCOMING DATES FOR SUBMITTING PROPOSALS FOR AN ACCÈS CONDOS ACCREDITATION.
I WISH TO MEET A SHDM REPRESENTATIVE TO OBTAIN INFORMATION ON THE ACCÈS CONDOS PROGRAM AND ITS ACCREDITATION PROCESS.
I WISH TO OBTAIN THE SPECIFICATIONS TO MEET FOR AN ACCÈS CONDOS PROGRAM ACCREDITATION IN ORDER TO SUBMIT A PROJECT.

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Refinancing (Cession of rank)

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Pursuant to the Accès Condos Agreement, the SHDM may revise the reference price for the purpose of evaluating the part of the reimbursable increase in value if the sale price does not reflect the property’s market value.

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Please attach the documents required for the evaluation of the application.
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Up to 21 days after receiving all requested documents and information.

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The SHDM appreciates your interest and thanks you for having filled out this form. By being on our list of suppliers, we will be able, if necessary, to invite you to send us a quotation (bid).
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Do you have any purchase-related questions? Email your questions directly to: [email protected]

At any time, consult our call for tender notices on the SEAO site at www.seao.ca to check whether calls for tender in your area of activity have been posted by SHDM.

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If it is an urgent repair (Example: a non-functional toilet, a water leak, a heating break), call 514 380-SHDM (7436) immediately. 24/7 emergency service is available.

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