Quebec’s elections take place on October 1 and the organization representing the province’s real estate boards wants firm commitments to help first-time buyers.
The Parti Québécois has already said it will increase the tax credit on first property purchases if it is elected and the Quebec Federation of Real Estate Boards wants the other three main parties to set out their policies.
The province’s homeownership rate lags the rest of Canada (61% vs. 68%) and QFREB is calling for action to address this gap.
"There is no question that real estate transfer taxes ("welcome tax") are an impediment to homeownership for many Québecers. The commitment made by the Parti Québécois is certainly a step in the right direction, but Québec can do a lot better in helping first-time homebuyers," points out Patrick Juanéda, QFREB President.
Currently, first-time buyers receive a $750 non-refundable tax credit for the purchase of a first home. Parti Québécois proposals would increase this by $500.
QFREB has invited the four main political parties to an election debate on housing on September 19, starting at 7:30 am, at the Palace Convention Centre in Laval.
"I encourage the other three main political parties to share the measures they intend to implement to facilitate homeownership in Québec during this debate. Young families seem to be at the center of this election campaign, yet this aspect has been almost absent from the discussions," added Mr. Juanéda.