Accès Condos: Managing and repaying your purchase credit
The Accès Condos program is currently under review. However, if you purchased a condo through this program, you remain bound by your Agreement with the SHDM regarding the repayment of the purchase credit.
When you purchased your Accès Condos property, you benefited from a purchase credit of at least 10% of the purchase price. This amount was applied to your down payment, making it easier to secure your mortgage financing. In return, you agreed to repay this purchase credit, along with a percentage of your property’s appreciation in value, according to the terms of your Agreement.
As a homeowner, here are the reasons you may need to contact us in connection with your Agreement and your Accès Condos purchase credit:
- You are selling your condo;
- You are renting your condo;
- You wish to voluntarily repay your purchase credit;
- You are renewing your mortgage.
Note:
- Processing requests may take up to 30 days after all required documents and information have been received;
- Notary fees are always the responsibility of the owners;
- The repayment of the purchase credit must be made in a single payment. The SHDM does not offer any credit or payment plan options. Accepted payment methods include cheques, money orders, and bank transfers.
I’m selling my condo
Selling your Accès Condos property automatically triggers the repayment of the purchase credit and the payment of the portion of the appreciation value stipulated in your Agreement.
To prepare the required statement of account, the amount to be repaid is calculated based on the final resale price indicated in the offer to purchase.
Do you have a final offer?
Don’t have an offer yet? Bookmark this page and complete the form as soon as you have your final offer to purchase in hand!
I’m renewing my mortgage
In the case of a mortgage renewal, several scenarios may apply:
- If you are not changing financial institution and not increasing your mortgage amount, you do not need to contact the SHDM;
- If you are changing financial institution and/or increasing your mortgage amount, you must obtain authorization from the SHDM by completing this form as part of a process called a request for rank assignment.
We encourage you to submit the form even if you do not yet have all the required documents, as we can begin reviewing your file in the meantime.
- If you are increasing your mortgage amount and using the opportunity to repay your purchase credit, no authorization request is required. However, you must request a statement of account;
To prepare the required statement, the amount to be repaid will be calculated based on the market value of your property.
- If your mortgage renewal involves the removal of a co-owner (due to separation, death, etc.), you must request authorization from the SHDM by completing this form.
We encourage you to submit the form even if you do not yet have all the required documents, as we can still begin reviewing your file.
I’m renting my condo
Renting out your Accès Condos property also requires the repayment of the purchase credit and the portion of the appreciation value realized.
To prepare the required statement of account, the amount to be repaid will be calculated based on the market value of your property.
I want to voluntarily repay my purchase credit
Under your Agreement, you may choose to voluntarily repay your purchase credit at any time.
To prepare the required statement of account, the amount to be repaid will be calculated based on the market value of your property.
Questions about repaying the Accès Condos purchase credit?
A statement of account is a document issued by the SHDM that determines the amount an Accès Condos homeowner must repay to the SHDM. The amount shown includes the purchase credit granted at the time of purchase, plus the applicable portion of the property’s appreciation.
The amount indicated on the statement of account issued by the SHDM is valid for a period of three months from its issue date. This evaluation is provided free of charge to owners of a unit accredited under the Accès Condos homeownership program.
When renewing a mortgage loan, the order of priority among creditors may change. To allow the bank holding your primary mortgage to maintain first rank, the SHDM must agree to assign its own rank. This process is called a rank assignment or a cession of rank. To obtain the SHDM’s approval for a rank assignment, certain conditions must be met.
Yes. You are free to sell your Accès Condos property at any time, as long as the purchase credit and the applicable portion of the appreciation value, are repaid to the SHDM according to the terms of your Agreement with the organization at the time of sale.
- If you repay the purchase credit following the resale of your unit, the appreciation is calculated as the difference between the original purchase price and the resale price.
- If you repay the purchase credit without selling your condo (for example, in the case of rental or voluntary repayment), the appreciation amount is determined based on the market value at the time the statement of account is requested. This value is assessed by the SHDM’s Finance team using several criteria, such as the analysis of recent comparable transactions, the municipal assessment and market trends in the area.
No. The purchase credit you received must be fully repaid, and no deduction applies even if you sell your condo for less than its original purchase price. In that case, only the calculation of the appreciation value could reflect a decrease in your property’s value.
Please note that if the resale price does not reflect the property’s market value, the portion of the appreciation to be repaid to the SHDM will be evaluated based on the market value determined by the SHDM’s Finance team, considering several factors such as recent comparable transactions, the municipal assessment, and market trends in the area.
The portion of the appreciation to be repaid to the SHDM applies to the condo only, unless your Accès Condos Agreement specifies otherwise.
No. The repayment must be made in a single payment. The SHDM does not offer any financing options.
Yes. While you are not required to obtain a discharge immediately, it will be required when selling or refinancing your property.
When your purchase credit was granted, a mortgage was registered on your property. Repaying the purchase credit ends your debt under the Accès Condos Agreement but does not automatically remove this mortgage. Only a notarial discharge can officially cancel it. The discharge and mortgage cancellation serve as a public and official confirmation that the creditor, in this case the SHDM, has received all amounts owed by the owner. This ensures that any future buyer can purchase the property free of any mortgages or related debts.
The evaluation presented on the statement of account issued by the SHDM is valid for a period of three months from its issue date. No interest will be calculated on this amount. This evaluation is provided free of charge to owners of a unit accredited under the Accès Condos program.