30 Sep Elimination of Transfer Taxes For First Time Home Buyers
Elimination of Transfer Taxes For First Time Home Buyers
Elimination of transfer taxes for first time home buyers was put on the table during the election campaign by the Parti Quebec. According to the QFREB, (Quebec Federation of Real Estate Boards), the homeownership rate in Quebec (61 per cent) remains considerably lower than the Canadian average (68 per cent), says the association.
The Government of Quebec, in 2018, took a first step in this direction by granting a $750 non-refundable tax credit for the purchase of a first home. “There is no question that real estate transfer taxes (known as the welcome tax) are an impediment to homeownership for many Quebecers. Quebec can do a lot better in helping first-time homebuyers,” says Patrick Juanéda, QFREB president.
With the election only days away, we’ll have to wait and see what the newly elected party will propose, come October 1st!
A snapshot of home ownership stats by province across Canada vis Statistics Canada
Homeownership rates by provinces and territories, 2006 and 2016
A snapshot of Land Transfer Taxes Across Canada Via Zoocasa: