February 14 2018
Accès Condos, a valuable tool for Montrealers
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:
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
Form for registering on the list of SHDM suppliers
In accordance with the Act respecting access to documents held by public bodies and the protection of personal information, to which the SHDM is subject as a public body, the supplier consents to the disclosure of his data entered in this registration form.
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).
SHDM is under no obligation of any kind to suppliers who fill out the form.
Do you have any purchase-related questions? Email your questions directly to: firstname.lastname@example.org
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.
In the event of disparity between the amounts produced with this calculator and those of the statement of account produced by the SHDM, the latter has priority.