The Québec Federation of Real Estate Boards Welcomes the Support for First-Time Homebuyers
L'ÎLE-DES-SŒURS, QC, March 28, 2018 /CNW Telbec/ - The Québec Federation of Real Estate Boards (QFREB) welcomes the many measures affecting real estate and housing adopted by the Québec Minister of Finance, Carlos Leitão, in the 2018-2019 budget. The QFREB is particularly pleased with the announcement of a non-refundable tax credit for the purchase of a first home.
Non-refundable tax credit for first-time homebuyers
Over the past several years, the QFREB has been pushing for concrete measures to promote homeownership, such as the abolition of real estate transfer taxes ("welcome tax") for Québec first-time homebuyers. The creation of a tax credit for the purchase of a first home has been welcomed by QFREB members since it responds in part to demands of the QFREB, which will continue to demand more generous measures.
We hope that it will help bridge the province's historic gap in homeownership. According to the latest census data released by Statistics Canada last October, 61.3 per cent of Québec households owned their homes in 2016. Despite a slight increase of 0.1 percentage point from 2011, Québec is still well below the national average (67.8 per cent).
"It's increasingly difficult for young families to become homeowners," points out Patrick Juanéda, QFREB President. "The six mortgage-tightening measures in nine years imposed by the federal government have significantly reduced the room for manoeuvre of first-time homebuyers."
The impact of this tax credit will be felt across many sectors, including construction, renovation and real estate.
Extension of the RénoVert program
The QFREB is pleased to see that the RénoVert program, which is very popular with homeowners, will be renewed for a third year. Homeowners interested in renovating their home will have until March 31, 2019, to enter into an agreement with a recognized contractor and until December 31, 2019, to pay for renovation expenses.
The QFREB feels that this decision is a move in the right direction since it has been calling for the maintenance of fiscal support for renovations since the LogiRénov program was transformed in 2016. We believe this measure will benefit both current and future homeowners.
Support for victims of dry rot fungus
The QFREB welcomes the government's decision to financially support households that are struggling with dry rot fungus. The Québec Economic Plan provides for an investment of $5 million over three years for the implementation of the new residential response program.
"Dry rot fungus can cause significant problems to the wood structure of a building", explained Patrick Juanéda. "In recent years, our brokers in the field have reported several cases of contamination by this fungus. When a property must be decontaminated, the financial costs to affected homeowners are enormous."
RénoRegion Program
Finally, the QFREB commends the investment in the RénoRégion program which provides low- and modest-income homeowners living in rural areas with assistance to correct major home defects.
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 12 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
Jacynthe Alain, Assistant Manager, Communications and Public Relations, Québec Federation of Real Estate Boards (QFREB), 514 647-8249, [email protected]
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