The provincial budget tabled by Quebec’s finance minister includes funding for home renovations and the harmonization of school tax rates.
The measures have been welcomed by the Quebec Professional Association of Real Estate Brokers which says the proposed moves will help increase homeownership and provide a tax break for homeowners.
“We are pleased to see that the government has continued several home renovation programs, including Rénovation Québec and Rénoclimat,” said QPAREB said in a statement. “These investments, which represent $457.5 million over six years, will enable citizens and municipalities to invest in property upgrades across the province. With these new measures, low-income households will have access to adequate housing that meets their needs, among other benefits. Furthermore, these measures will reduce homeowners' expenses following the purchase of a property requiring renovations.”
The harmonization of school tax rates will save an estimated $200m for Quebec families, easing household budgets especially in those cities where the cost of living is particularly high.
There is one key area where QPAREB would like to see changes though.
“The provincial government has responded in part to the demands of Quebec families whose financial situation makes it difficult to buy a property. However, we continue to believe that a significant obstacle to homeownership is transfer taxes. We are therefore asking the provincial government to consider abolishing this tax or increasing the refund for first-time buyers,” the statement says.