WATCH: New Montreal program to refund some home buyers up to $15,000

The city of Montreal wants to keep potential home buyers in the city and will be opening up its wallet to help entice them.

Officials have approved a new residential acquisition support program that will see the benefits get a bump and the process to claim the new money easier.

"It covers many realities. It will about direct financial support for people who want to stay on the island, and this is what we want more than ever," said Mayor Valerie Plante. "We are simplifying the process. The financial support will come way faster than before."

To be eligible for support you'll need to meet some strict criteria, including where you're buying your home, how much you spend and if it's a new or existing home.

- A single buyer purchasing a new development for a max price of $225,000 will receive $5,000

- A family buying a new development for a maximum price of $400,000 will receive $10,000

- A family purchasing a new property in the downtown core for a maximum price of $450,000 would receive $15,000

"It's more generous. It used to be $7.4 million and we're investing $21.2 million annually," Plante said.

If your new property is only "new to you" (is an existing home) the program would pay between $5,000 and $7,000 if the buyer spends up to a maximum of $630,000.

For the first time, the program will be made available to all home buyers and not just those buying for the first time.

With the current housing market, how much bang for your buck can you expect?

"I would say in the downtown core you're looking at 750 square feet, so for a young family with a child under 12, it's feasible. For two children, maybe a little more difficult," real estate agent Amy Assaad told CTV Montreal.

However just like the program itself, location is key.

"If you're looking at the eastern side of Ville-Marie, which is considered downtown, there's a lot more space and you can comfortably fit a young family," she said.

The program begins June 1, but if you buy a house in May you'll still be eligible.