Quebec City, March 11, 2020 – The Quebec Professional Association of Real Estate Brokers (QPAREB) welcomes the 2020-2021 budget presented by Quebec Finance Minister Éric Girard, as well as his ambitious plan for promoting a green economy and facilitating mobility throughout Quebec. However, the QPAREB is disappointed by the absence of proposals promoting homeownership.
Like the QPAREB, the Finance Minister has highlighted in his budget the residential resale market’s prosperous period and the maintaining of this vitality, which is due in particular to the strength of the labour market and low interest rates.
The framework of this budget has many positive elements, including the additional reduction of school tax rates starting in July 2020 and the continuation of the Chauffez vert program to encourage homeowners to adopt a heating system using renewable energy. In addition, the government wishes to promote the development and dissemination of knowledge relating to the mapping of flood-risk areas in order to limit the exposure of people and property to these events.
We also note the investment of $150 million for the construction of social, community and affordable housing units under the Accès-Logis program and $147.3 million for the renewal of units under the Rent Supplement Program.
However, given the importance of the real estate sector in Quebec’s economy and the lag in Quebec’s homeownership rate compared to other Canadian provinces, the QPAREB would have liked the budget to include measures that improve homeownership and the state of the province’s housing stock. The QPAREB had submitted several proposals to this effect to the Finance Department during its pre-budget consultations last January.
Furthermore, the QPAREB is surprised to note the absence of incentive programs that support homeowners in carrying out the required environmentally friendly home renovations, under current market conditions.
The QPAREB reiterates its commitment to collaborating with the provincial government and various stakeholders in order to identify issues affecting the real estate sector and possible solutions.
Click here to consult the provincial budget in detail.
About the Quebec Professional Association of Real Estate Brokers
The Quebec Professional Association of Real Estate Brokers (QPAREB) is a non-profit association that brings together more than 12,700 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The QPAREB is also an important player in many real estate dossiers, including the implementation of measures that promote homeownership. The Association reports on Quebec’s residential real estate market statistics, provides training, tools and services relating to real estate, and facilitates the collection, dissemination and exchange of information. The QPAREB is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l’immobilier du Québec. Follow its activities at qpareb.ca or via its social media pages: Facebook, LinkedIn , Instagram and Twitter.
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For more information:
| Taïssa Hrycay Director Communications and Marketing 1-888-762-2440 or 514-762-2440, ext. 157 taissa.hrycay@qpareb.ca |