Buying a new condo:

7 tactics to maximize credit, repayments and other financial incentives!

Buying a new condo in Quebec can be more affordable than you think! Here’s a summary of the credits, subsidies, and rebates available from the federal and provincial governments, as well as from some cities like Montreal.

1. Provincial tax credit for first-time home buyers

• To be eligible: neither you nor your spouse must have owned an eligible home in the last 4 years.

• A new condo (condominium) is eligible if it will be your primary residence

• The maximum credit is $1,400, offered by the Government of Quebec.

2. Federal tax credit for the purchase of your first condo (CIAPH)

• At the federal level, the First-Time Home Buyers Tax Credit ( ) still exists for eligible buyers — for a house or a condo.

• If you are buying a new condo as your first principal residence, this credit can be added to the provincial credit.

• The maximum credit is $1,500, offered by the federal government.

3. Refund of taxes (GST/QST) for new condos

• The federal government is now offering a GST/HST (up to 100%) and QST rebate for first-time buyers of a new condo:

• GST: 100% refunded for units valued up to $1 million.

• QST: refund of up to 50% (for a maximum of $9,975)

→ Certain conditions apply.

4. Condo Purchase Assistance Program (PAAR)

• The City of Montreal offers financial assistance through its Residential Acquisition Support Program (PAAR), depending on your buyer profile and the price of the condo:

• Typical assistance between $5,000 and $15,000 for an eligible new condo.

• Possible bonuses for Novoclimat or LEED buildings.

→ The amounts and criteria vary depending on the type of household and the eligible purchase price.

5. Tax-Free First-Time Home Buyers' Account (TFSA)

• The First-Time Home Buyers’ Tax-Free Savings Account (TFSA) is a registered plan that allows you, if you are a first-time home buyer, to save tax-free to buy or build a qualifying home (up to certain limits).

• Your participation rights in a TFSA during the first year of opening your TFSA are $8,000.

→ Note: Contributions to a TFSA are generally tax-deductible and can help reduce your taxes. Transfers from your RRSP to your TFSA are not tax-deductible.

6. Home Ownership Plan (HOP)

• The Home Buyers’ Plan (HBP) is a program that allows you to withdraw from your Registered Retirement Savings Plans (RRSPs) to buy or build a qualifying home for yourself or a specified disabled person.

• Currently, the HBP withdrawal limit is $60,000.

7. Other financial advantages

• Novoclimat program: some Novoclimat certified projects entitle the builder to financial aid paid, who can choose to pass it on to the buyer.

• Credits and incentives for energy efficiency: work or equipment such as insulation, heat pumps or high-performance windows may generate provincial or federal credits.

• Municipal and regional programs: some cities and RCMs offer local subsidies, assistance for young families or for the purchase of your first new condo.

Ready to know more ?

For any questions about available grants, loans, and programs, or to request a project visit, our team is ready to simplify everything and guide you through the process.

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