It is important to the QFREB to encourage homeownership for Québecers even though it is becoming increasingly difficult for young families to become homeowners.
In fact, the major mortgage-tightening measures imposed in recent years by the federal government have hit first-time homebuyers particularly hard.
With the aim of helping Québecers realize their dream of becoming homeowners, the QFREB proposes:
The abolition of real estate transfer taxes for first-time homebuyers
Commonly referred to as a “welcome tax”, real estate transfer taxes leave a bitter taste in the mouth of many first-time homebuyers in Québec.
The QFREB proposes that the Government of Québec adopt the approach of Ontario which has implemented a transfer tax refund program (up to $4,000) for first-time homebuyers.
In conjunction with the APCHQ, we are calling on the government to implement concrete measures to improve the Québec homeownership rate, which, in the census of 2011, was 61 per cent as compared to more than 70 per cent in other Canadian provinces.
Québec’s measure would be based on a refundable tax credit for the acquisition of a first property.