Financial help for new buyers in Quebec and Canada in 2026
Becoming a homeowner for the first time is a dream for many, but the associated costs can seem daunting. Fortunately, in 2026, several financial assistance programs are available to support new homebuyers in Quebec and Canada. Here is an overview of the main initiatives to ease your path to homeownership.
1. Refundable tax credit for homeownership access
Quebec
The government of Quebec has introduced a refundable tax credit for first-time buyers. This credit covers:
- 100% of the first $5,000 paid in transfer duties (welcome tax).
- 25% of transfer duties exceeding $5,000, up to a maximum of $875. The total refund can thus reach $5,875.
To be eligible, the dwelling must have a maximum value of approximately $1,000,000. This measure aims to relieve the financial burden of about 38,000 households annually. Payments will begin in fall 2026.
2. Home Ownership Assistance Program (HOAP)
Canada
HOAP allows you to withdraw up to $35,000 from your RRSP to finance your down payment, without paying immediate tax on this withdrawal. For a couple, this amounts to up to $70,000. Eligibility requirements include:
- Not having owned and occupied a home in the last 4 years.
- Having a written agreement to purchase or construct an eligible dwelling.
- Funds must be in the RRSP for at least 90 days before withdrawal.
3. Tax-Free Savings Account for First-Time Home Buyers (TFSAA)
Canada
Launched in 2023, the TFSAA combines the benefits of the RRSP and the TFSA:
- Contributions deductible from taxable income, up to $8,000 per year, for a lifetime maximum of $40,000.
- Tax-free withdrawals for the purchase of an eligible first home.
Unused contribution room can be carried forward to the following year, up to an additional $8,000.
4. Montreal Residential Acquisition Support Program
Montreal
The City of Montreal offers financial assistance to new buyers:
- New homes: Assistance ranging from $5,000 to $15,000, depending on the purchase price and whether children are in the home.
- Existing homes: Reimbursement of transfer duties (welcome tax) for eligible buyers.
Conclusion
In 2026, several programs are in place to facilitate homeownership in Quebec and Canada. To maximize these benefits and navigate the purchasing process effectively, it is recommended to consult a real estate broker. A professional can guide you through the steps, optimize your financing, and help you achieve your dream of becoming a homeowner. Don’t wait any longer—contact a real estate broker today for personalized assistance.