Mortgage activity on hold until Quebec election

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Business has slowed for Quebec-based brokers as potential home buyers wait with bated breath for the result of its April 7 election before committing to stay in the province.

“With the election coming up business has slowed as people are waiting to see what will happen. If the Liberals are re-elected it will be business as usual but if the PQ is we will likely see a 10-15 per cent drop; a lot of Anglos – not all; I’m an Anglo and I don’t plan on leaving – but a lot will decide to leave,” Terry Kilakos of North East Mortgages told

According to Kilakos an exodus has taken place even before the results of the election, with residents fed up with the province’s exorbitant taxes.

The Globe and Mail received poll results from The Coalition Avenir Quebec Monday, which shows 36 per cent of francophone Parti Québécois voters currently outnumber francophone liberal voters (24 per cent). But it’s the liberals the broker community hopes gets re-elected, according to one Quebec-based player.

“If it’s a liberal government I think you’ll see sales take off and I think you’ll see prices start to rise,” John Dunford of Dominion Lending Centres Centre Ouest told  “If we get a minority government I don’t think it’ll change anything; if (Parti Québécois) get a majority there will be a backlash in that a lot of people will reconsider where they’re going to (live).”

And for his part, Dunford has noticed a significant drop in home sales.

“As far as sales and new purchases, they have been waning lately,” Dunford said. “The word out, at least in the west island, is people are basically waiting until April 8 to go out and buy anything if their party wins.”

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