Île-des-Sœurs, September 27, 2018 – For many years, the Québec Federation of Real Estate Boards (QFREB) has supported efforts by the Canadian Real Estate Association to have the federal government enhance the Home Buyers’ Plan (HBP). The QFREB has proposed, among other things, raising the maximum withdrawal and allowing use of the HBP on an intergenerational basis.
The QFREB welcomes the Québec Liberal Party’s commitment to negotiate with the federal government for the maximum HBP withdrawal to be doubled to $50,000 from $25,000.
“Considering that half a million Quebecers have used the Home Buyers’ Plan since it was created in 1992 and that it has been losing momentum in the last few years, an improvement to this plan is good news,” QFREB President Patrick Juanéda noted. “Raising the maximum will also more faithfully reflect the rise in real estate prices in recent years.”
To facilitate access to home ownership for first-time buyers, the QFREB has maintained that parents should be able to withdraw amounts accumulated in their RRSPs for transfer to their children to enable them to acquire a first home. The Québec Liberal Party’s commitment to allow use of the HBP on an intergenerational basis could help increase Québec’s home ownership rate, which still lags behind the Canadian average. The Québec rate stood at 61% in 2016, compared to 68% for the rest of Canada.
“This is a step in the right direction,” Mr. Juanéda added. “The next step, in our view, is to help homeowners get through major changes in their lives. The federal government should allow people who have already benefited from the HBP to use it again, under certain conditions, such as loss of a spouse, a separation, a work-related relocation or a decision to shelter an elderly family member.”
He continued: “I urge the other political parties that have not yet done so, to announce the measures they plan to implement to facilitate access to home ownership in Québec. Young families seem to be at the heart of this election campaign, but this aspect has been almost absent from the discussions.”
About the Québec Federation of Real Estate Boards
The Québec Federation of Real Estate Boards is a non-profit organization representing the province’s 11 real estate boards and their membership of nearly 13,000 real estate brokers. Its mission is to support Quebec’s real estate boards in order to defend, protect and promote the interests of real estate brokers by providing services in the areas of professional practices, public affairs and market analysis. The QFREB is guided by an approach centred on collaboration and resource sharing.
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Assistant Manager, Communications and Public Relations
Québec Federation of Real Estate Boards