Press Release – 2019 Federal Election
Quebec City, October 24, 2019 – The Quebec Professional Association of Real Estate Brokers (QPAREB) congratulates Prime Minister Justin Trudeau on his re-election, as well as all elected and re-elected members of the House of Commons.
“We look forward to continuing the work that we have begun with the Liberal government on many real-estate-related issues, particularly the implementation of measures that promote homeownership, a priority for the QPAREB and its members. We believe that the Liberal Party’s housing plan and the First-Time Home Buyer Incentive would benefit from the addition a few extra measures,” said Julie Saucier, president and chief executive officer of the Association.
In addition, the QPAREB will intensify its efforts with stakeholders on the potential impacts of imposing a tax on property acquisitions by foreign investors, an issue that it is following closely. What matters to the QPAREB is that the real estate market remains affordable and accessible to Quebec buyers, an objective that it holds dear in defending the interests of its members.
The Association will continue to call on all levels of government to take concrete measures that will help increase the homeownership rate in Quebec, and reiterates the following recommendations to the federal government to help remove barriers and reduce the costs of homeownership:
- Revise the Office of the Superintendent of Financial Institutions’ (OSFI) mortgage stress test to take into account its impact on different real estate markets across the country. The federal government should view the stress test as a flexible policy and adjust it based on changing economic trends and interest rates.
- Replace the $750 First-Time Home Buyers Tax Credit with a $2,500 non-refundable tax credit for first-time home buyers.
- Reintroduce 30-year mortgage amortizations.
- Consider regional differences when implementing nation-wide measures that affect home buyers.
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, Twitter and Instagram.
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For more information:
Taïssa Hrycay
Director
Communications and Public Relations
1-888-762-2440 or 514-762-2440, ext. 157
taissa.hrycay@qpareb.ca
Nathalie Rochette
Assistant Director
Communications and Public Relations
1-888-762-2440 or 514-762-2440, ext. 238
nathalie.rochette@qpareb.ca