The housing measures set out in the Quebec provincial budget have been given the thumbs up by a local real estate board.
The Greater Montreal Real Estate Board says that all of the real estate and housing measures tabled by the finance minister are positive, especially those relating to homeownership.
Among the province’s proposals are a non-refundable tax credit for eligible first-time buyers which when combined with the federal tax credit could mean $1,376 in tax relief after buying their first home.
First-timers will also be able to take advantage of a tax deduction of $5,000 to help defray the costs of incidental expenses not covered by a mortgage, such as inspection fees, property transfer taxes, notary fees and moving expenses.
For those renovating their home, the RenoVert refundable tax credit will be extended, providing assistance equivalent to 20% of eligible renovation costs above $2,500.
The government has also pledged to invest $103.9 million in affordable housing.