Purchasing a home >
FAQs
Can the purchase credit be used as a down payment toward the purchase of a property?
Yes, the value of the purchase credit is recognized by financial institutions as a down payment toward the purchase of a property.
Is the purchase credit applicable to all construction projects?
As the purchase credit is one of the components of the Accès Condos program of the Société d'habitation et de développement de Montréal (SHDM), it only applies to projects accredited by SHDM within the territory of the City of Montreal.
Is it possible to purchase a property outside Montreal through the Accès Condos program?
The Accès Condos program is only available to individuals who buy property within the territory of the City of Montreal.
Must buyers deal with the bank that is financing the project?
The SHDM offers an advantageous individual financing plan with the project's financial institution. We therefore encourage buyers to do business with this institution.
Am I free to sell my property at any time?
You are free to sell your property at any time, as long as the purchase credit and a portion of the increase in value are repaid to SHDM, pursuant to the Accès Condos contract, when the property is sold.
Are prices negotiable?
The prices are not negotiable.
Are Accès Condos projects planned in all city boroughs?
We would like this to be the case. However, we cannot anticipate in which boroughs we will build condominiums, because this will depend on the availability and cost of the sites.
Who do I buy my condo from?
The actual transaction to purchase remains between the buyer and the developer. The SHDM does not sell housing units and is a third party to the transaction between the developer and the buyer.
What is the SHDM's responsability?
Through its Acces Condos program offering a 10% purchase credit to buyers, the SHDM facilitates access to homeownership by acting as intermediary between the developer and the purchaser. The SHDM acts neither as developer, nor builder, nor vendor.
Who builds the projects that are part of the Accès Condos program?
The buildings are constructed by developers from the private sector who sell directly to purchasers. The SHDM merely offers a 10% purchase credit as part of its Accès Condos program.
Are the housing units protected by the régie du bâtiment's guarantee plan for new residential buildings?
The SHDM requires from the developers it selects under the Accès Condos program, that a warranty plan be provided to each purchaser by a duly authorized administrator including the Association des professionnels de la construction et de l’habitation du Québec (APCHQ) and the Association des constructeurs du Québec (ACQ).
Can I make changes to the plans before my unit is build?
In order to maintain low ownership purchase costs, all of the unit floor plans were standardized. Therefore, you cannot modify the floor plans of your unit.
Can I choose finishing items such as floors, cupboards, etc.?
In somecases, if the condo is purchasedbefore construction is completed, the contractor could provide a limited choice of interior finishing. In others, if the construction is already completed, the interior finishing is handled by an interior designer.
Are the surface areas indicated on the plans net or gross?
The surface areas indicated on the plans are gross, which means that they include half the thickness of the common walls and the full thickness of the exterior walls. The area of the balconies is not included.
Is parking included in the price?
Depending on the project and on municipal standards, indoor and/or outdoor parking spaces are normally included, but they are sold separately.
Who is responsible for the after-sales service part of the guarantee?
The developer remains solely responsible for the construction and delivery of the housing units in accordance with Section 1746 of the Quebec Civil Code as well as the warranty program for new residential buildings. The SHDM is not responsible for either after-sales service or the guarantee.
How can I get in touch with the developer?
Contact information for the developer is written on the back of page of the preliminary contract. Telephone numbers for developers can also be found in the Projects section, on the respective developer's page, under the title "Developer" at the bottom of the menu on the left.
Am I free to sell my property at any time?
You are free to sell your property at any time, provided that, under the terms of the Accès Condos Agreement, the purchase credit and the share of the increase in value specified in your agreement are repaid to the SHDM when selling your home.
Who should determine the resale price of my condo?
The owner is responsible for establishing the resale price of the condo. However, it must be approved by the SHDM in order to calculate the amount of the refund of the Accès Condos purchase credit.
It is therefore suggested to have the resale price approved upstream of the negotiations with potential buyers. To apply for a resale price approval, see the section dedicated to the owners of an accredited Accès Condos unit to know how to go about it.
How is the increase in value calculated?
If you terminate your Accès Condos Agreement because of the resale of your unit, the increase in value is the difference between the purchase price and the resale price. Note that the resale price must be approved by the SHDM.
Can I re-qualify for the Accès Condos program after selling my first program-funded condo?
Yes. Let’s recall that the conditions imposed are to reside in your condo and to not simultaneously benefit from two Accès Condos agreements. But it is quite possible to enter two successive agreements, subject to ending the first agreement and reimbursing the purchase credit of the first condo before signing the subsequent deed of sale.
When reselling, can I transfer the purchase credit to the buyer?
The purchase credit is not transferable. It must be repaid by the owner to whom it was granted by the SHDM.
If I sell my condo at a price below my purchase price, will I benefit from a reduction of the reimbursement of the purchase credit?
No. Note that the purchase credit that has been granted to you is repayable in full and that no deduction can be applied even if you sell your condo at a price below its acquisition cost. In cases where the resale price does not reflect the market value, the share of the capital gain to be reimbursed to the SHDM will be assessed on the basis of the market value by the Finance team of the SHDM according to different criteria, such as the analysis of recent comparable transactions, the municipal assessment and market developments in the area.
When reselling a condo with parking, how is the value of the condo determined for the purpose of calculating of the share of the increase in value to be repaid to the SHDM?
Reimbursement of the share of the increase in value is only applicable to the condo.
Should I deduct broker fees from the sale price of my property for the purposes of calculating the increase in value?
No, no deduction may apply to the official selling price confirmed by the notary.
Can I include, in the price used in the calculation of the increase in value, certain additional expenses incurred when buying (e.g. air conditioner, notary fees)?
Pursuant to the terms of your Accès Condos Agreement, the increase in value should be calculated on the basis of the purchase price of the condo only, taxes included as registered in the deed of sale.
Can I reimburse the purchase credit even if I do not intend to sell my condo?
The purchase credit can be repaid at any time, upon a request for a statement of account which includes an assessment of the increase in value calculated by the Finance team of the SHDM according to different criteria, such as the analysis of recent comparable transactions, the municipal assessment and market developments in the area.
How is the amount of the reimbursement of the purchase credit determined if I do not sell my property?
The amount of the reimbursement of the purchase credit is determined on the basis of the market value at the time of the reimbursement, which is evaluated by the Finance team of the SHDM according to different criteria, such as the analysis of recent comparable transactions, the municipal assessment and market developments in the area.
Can I reimburse the Accès Condos purchase credit in several installments?
No, the reimbursement must be made in one payment. The SHDM does not offer credit terms.
Does the reimbursement of the purchase credit require the intervention of a notary?
You are not required to obtain a release immediately, however, be aware that it will be required when selling or refinancing your property.
Indeed, when your purchase credit was granted, a mortgage was published on your building. The repayment of the purchase credit puts an end to your debt resulting from the Accès Condos Agreement, but does not cancel the mortgage, since only a discharge prepared by a notary can remove the mortgage.
The purpose of the cancellation of the mortgage and the discharge is to confirm in a public and official manner that the creditor, the SHDM in this case, has received all the amounts owed by the owner. This assures any future buyer that they will be purchasing the property free of mortgages and related debts.
What process is involved in the case of a refinancing, cession of rank, etc.?
The owner must fill out a request for a cession of rank or a transfer between joint purchasers, which is available online on the SHDM website.
The loan must be a closed mortgage and not a home equity line of credit.
If the refinancing does not comply with the terms of your Accès Condos agreement, the purchase credit must be reimbursed and this process is initiated by filling out a request for a statement of account.
For how long is the statement of account provided by the SHDM valid?
The assessment presented in the statement is valid for a period of three months from the date of issue. No interest will be calculated on the basis of this amount.
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: approvisionnement@shdm.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.