As housing affordability continues to feature prominently in the Québec election campaign, all five major parties have now outlined measures that could affect first-time homebuyers and the broader housing market.
Mortgage Professionals Canada has consistently advocated for policies that support housing affordability and access to homeownership, and we are closely monitoring the commitments being made throughout the campaign.
Coalition Avenir Québec (CAQ)
The CAQ is proposing to increase Québec’s refundable first-time homebuyer tax credit from approximately $1,400 to up to $7,000, for both new and existing homes. This would be in addition to the current refundable credit of up to $5,875 to offset property transfer duties. The party is also proposing measures aimed at reducing construction costs and increasing housing supply.
Parti Québécois (PQ)
The PQ is proposing a QST rebate of up to $45,000 for first-time buyers purchasing a newly built or self-built home, along with an increase in the provincial first-time homebuyer tax credit to $3,000. The party is also proposing regulatory relief for residential construction and greater harmonization of the Building Code.
Quebec Liberal Party (PLQ)
The PLQ would reimburse 36% of the QST paid on a new home or condominium, up to $10,000, for eligible properties valued at up to $500,000. For owner-occupied plexes, the rebate could reach $30,000, depending on the number of units. The PLQ would, however, discontinue the CAQ’s reimbursement of property transfer duties for first-time buyers.
Québec solidaire (QS)
QS is proposing a government-backed down-payment loan of up to $50,000 for first-time buyers. The loan could cover up to 15% of the value of a new home or 5% of an existing home. Unlike the tax credits and rebates proposed by the other parties, this assistance would be repayable when the property is sold or when the mortgage is renewed. QS is also proposing a pilot project offering 2,000 homes at 25% below market prices.
Conservative Party of Québec (PCQ)
The PCQ has not proposed direct financial assistance for first-time buyers. Its approach is focused primarily on increasing housing supply and lowering construction costs through deregulation, greater labour mobility and changes to construction rules.
For mortgage professionals, one of the most notable differences among the proposals is the form of assistance being offered.
The CAQ, PQ and PLQ are relying primarily on tax credits or rebates, while Québec solidaire is proposing a repayable government loan that could have implications at both mortgage origination and renewal. The PCQ is focusing more heavily on measures intended to increase housing supply and reduce construction costs.
Mortgage Professionals Canada will continue to monitor housing and homeownership commitments throughout the campaign and keep members informed of developments that may affect borrowers and the mortgage industry.
Following the election, MPC will continue engaging with the Québec government to advance the interests of mortgage professionals and support policies that improve access to homeownership.