If you are a young couple with or without children and looking to buy your first home or condo, the city of Montreal has a deal for you.

The city is renewing its grant program that will help young couples and families buy a home for the first time.

While the program has been in place since 2003, it is now increasing the maximum allowable cost of a home for which it will help pay.

The deal

If you are a couple without children, the city will give you a grant of up to $6,500 if you buy a home priced at $180,000 or less.

If you are a couple with children, the grant goes up to $10,000 and the value of the house you can buy is $235,000.

Why is the city offering free money?

"Statistics Canada is showing there is an exodus of young families out of Montreal because it's too expensive," said Mary Deros, city councilor for Park Extension.

"And this is one way of keeping them in Montreal."

The population of Montreal is currently 1.6 million, but by 2025 estimates suggest the population could be around 2-to-2.2 million.

While families are moving off island, the estimated increase in population is attributed, in part, to immigration.