Are you thinking of buying a property in the city of Sherbrooke, but the financial burden that this decision implies makes you hesitate? Be aware that there are many municipal, provincial and federal grants that could be awarded to you to help you become a homeowner.
As for the city of Sherbrooke, it provides financial assistance for the renovation of existing homes. The municipality has set up two separate subsidy programs to revitalize the city center and the Wellington Street South area. It thus wishes to densify the residential sector and, at the same time, encourage the renovation of the facades of commercial buildings.
While these grants may seem less attractive to those looking to acquire a first home, they can be attractive to a homeowner who wants to buy a new property and invest a little more time in renovations.
Financial assistance for owners in Sherbrooke
The housing co-op construction and renovation program
This grant is one of two financial aids offered by the city as part of the downtown incentive programs. It aims to help owners for the renovation, transformation, restoration, expansion or recycling of a main building.
To be eligible for this grant, the total cost of the work must be greater than $20,000. The city will give the owner an amount equivalent to one-third of the value of the work, up to a maximum of $50,000.
Note, however, that some work is not eligible, such as:
- Installation of a swimming pool;
- The addition of a solarium;
- Construction of a parking area.
In the case of a construction or reconstruction of a main building, the city will provide financial assistance to carry out the project, as well as for the necessary demolition work. The value of the work must then amount to more than $250,000 to be eligible.
For rental properties, a subsidy of $10,000 per unit may also be awarded, again up to a maximum of $50,000.
For all the details and the territory subject to this subsidy, consult by-law 1147 of the city of Sherbrooke.
The financial assistance program in the form of a grant for the revitalization of the city center
Like the previous program, this grant is part of the incentive programs for downtown Sherbrooke. It aims in particular to encourage the expansion, renovation, recycling and construction of buildings located in the city center.
The subsidy offered depends on the work the owner plans to do. The municipality specifies that "the amount of the subsidy is calculated only on the increase in the value of the property taxes of the building concerned when this increase results from construction work for a new building or from a modification of an existing building" .
Depending on the work planned, the owner could receive a maximum financial assistance of $10,000 per new home or a subsidy equivalent to 100% of property taxes over a period of 5 or 10 years.
The work that is not eligible for this program is:
- The addition of a solarium;
- Landscaping;
- Work related to the parking area;
- The work aimed at converting a commercial space located on the ground floor of an apartment building.
For all the details and the territory subject to this subsidy, consult by-law 1166 of the city of Sherbrooke.
The Rénovation Québec program
The city of Sherbrooke also offers the Rénovation Québec program, which it administers jointly with the Société d'habitation du Québec (SHQ). This financial assistance is granted to owners of residential buildings who wish to carry out renovation or construction work in order to revitalize certain neighborhoods.
To be eligible for this program, the building must:
- Be at least 35 years old;
- Include at least one residential accommodation after the work;
- Be used as a primary residence;
- Ideally (but not necessarily) be located in one of the following sectors: Vieux Sherbrooke, Vieux Bromptonville, Vieux Lennoxville, Vieux Rock Forest or the downtown area.
The program allows the owner to obtain up to 50% of the costs of his work (the Société d'habitation du Québec and the city of Sherbrooke will provide approximately 25% of the cost each). The amount of the work must be equal to or greater than $7,500 per unit, for a maximum of 10 eligible units per building.
For full details on this program, click here.
Note that the Rénovation Québec program may vary from one municipality to another, depending on the interventions that the city chooses to include in its program.
The RénoRégion program
Homeowners who live in rural areas and have low or modest incomes can benefit from financial support to improve their homes through the RénoRégion program. This initiative aims to allow homeowners to correct major defects in their living space.
The eligibility criteria are as follows:
- The value of the home must not exceed the standardized value of $100,000;
- The building must be the main residence of the owner requesting financial assistance;
- The building must be served by one or none of the municipal sewer or water supply services.
The owner could receive up to 95% of the cost of carrying out the work, without exceeding $12,000. The percentage of financial assistance that will be granted will depend in particular on the difference between household income and the applicable income level.
Note that an owner who has already benefited from a similar program (RénoVillage, Rénovation Québec or RénoRégion) during the last ten years or from the Emergency Repairs program in the five years preceding the request will not be eligible for financial assistance. from the city.
Visit the municipality's website for more details.
Other subsidies available for homeownership in Sherbrooke
You are not eligible for the programs mentioned? No worries! There are also other financial assistance programs offered by the federal and provincial governments that can help you become a homeowner.
Here are a few grant programs that may be of interest to you:
- The Home Buyers' Plan (HBP) allows you to withdraw up to $35,000 from your registered retirement savings plans (RRSPs) to invest in your future property.
- The first-time home buyer incentive offers 5% or 10% of the purchase price of the property to increase your down payment and reduce the cost of your mortgage.
- The Home Buyer's Tax Credit applies when you (or your spouse) acquire a qualifying property for the first time. This property should be considered your primary place of residence or that of a disabled person.
Do not hesitate to inquire about these different programs to find out the eligibility conditions.
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