Abolition of transfer taxes for first-time homebuyers: the QFREB wants firm commitments

ÎLE-DES-SOEURS, QC, Sept. 18, 2018 /CNW Telbec/ - In response to the Parti Québécois promise to increase the tax credit for the purchase of a first property if it comes to power on October 1, the Québec Federation of Real Estate Boards (QFREB) calls upon the three other political parties to propose concrete measures to facilitate access to homeownership.

The QFREB has been calling on the government for many years to implement a transfer tax refund program for first-time homebuyers. The homeownership rate in Quebec (61 per cent) remains considerably lower than the Canadian average (68 per cent), so it is important to reduce this gap.

In its 2018-2019 budget, the Government of Québec took a first step in this direction by granting a $750 non-refundable tax credit for the purchase of a first home. The bonus proposed yesterday by the Parti Québécois would increase the amount of the provincial tax credit to $1,250, an increase of $500.

However, improving access to homeownership for first-time buyers will require tougher measures if Québec wants to catch up with the rest of Canada. According to the QFREB, two avenues should be considered: converting the non-refundable tax credit into a refundable tax credit and increasing the value of the existing tax credit.

 "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.

First Election Debate on Housing 

A group of key stakeholders in the housing field, comprising the Association des professionnels de la construction et de l'habitation du Québec, the Insurance Bureau of Canada, the Corporation des propriétaires immobiliers du Québec, the Organisme d'autoréglementation du courtage immobilier du Québec, the Regroupement des gestionnaires et copropriétaires du Canada as well as the QFREB 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. This debate will give the political parties the opportunity to present their views on housing, particularly in respect to homeownership.

 "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.

For more information on the debate: https://www.eventbrite.ca/e/debat-electoral-sur-lhabitation-tickets-48166552455

About the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards (QFREB) is a non-profit organization representing the province's 11 real estate boards and their nearly 13 000-member real estate brokers. Its mission is to support Québec's real estate boards in order to defend, protect and promote the interests of real estate brokers through the provision of services in the areas of professional practices, public affairs and market analysis. The QFREB is guided by an approach centered on collaboration and resource sharing.

SOURCE Québec Federation of Real Estate Boards