Quebec Election Special: Where the Parties Stand on Housing

Housing affordability is one of the biggest issues facing Quebecers heading into the October 5 provincial election. So this week on Under One Roof MTL, we're taking a closer look at what the major parties are proposing to do about it.

From tax breaks and down-payment assistance for first-time buyers to rent control, social housing, construction targets and deregulation, the parties are offering very different approaches. We break down the housing promises from the Coalition Avenir Québec, Parti Québécois, Québec solidaire, Quebec Liberal Party and Conservative Party of Quebec so you can compare them for yourself.

Plus, we look at the latest mortgage and affordability headlines, including fixed rates creeping higher, variable rates becoming more competitive, and the financial pressure facing Canadian homeowners and families.

In This Episode

What's Happening in the Market

• The Bank of Canada continues to hold its key interest rate at 2.25%
• Why fixed mortgage rates have been creeping higher
• Why some variable-rate mortgages are becoming more attractive again
• The financial pressure higher mortgage payments are putting on homeowners
• The growing number of Canadian parents financially supporting their adult children
• Why affordability remains one of the biggest stories in housing

Why Voting Matters in Quebec

With Quebecers heading to the polls, we look at why provincial politics matters to homeowners, renters and prospective buyers.

Housing, health care, education, taxes, infrastructure and the cost of living are all provincial issues voters are weighing. Quebec is also dealing with the economic effects of the ongoing Canada-U.S. trade dispute, including the impact on businesses, workers, investment and exports.

Whatever issues matter most to you, take the time to learn about your local candidates and the parties' platforms and make your own decision at the ballot box.

Quebec Election: Housing Promises by Party

Housing has emerged as a major issue in this election. Here's the full party-by-party breakdown of the housing proposals discussed on this week's show:

Coalition Avenir Québec (CAQ)

The CAQ is focusing heavily on helping people purchase their first home while trying to make it easier to increase housing supply.

• Increase Quebec's homebuyer tax credit to as much as $7,000 for first-time buyers, applying to both new and existing homes
• Reduce red tape and speed up government approvals for housing construction
• Simplify some construction rules
• Add more affordable housing for seniors
• Provide additional support for people experiencing homelessness

In simple terms: help first-time buyers with some of the upfront costs of homeownership while trying to get housing built faster.

Parti Québécois (PQ)

The PQ is also emphasizing homeownership and reducing costs for first-time buyers.

• Refund the Quebec sales tax on the purchase of a new home for first-time buyers, potentially representing significant savings
• Increase the existing first-home tax credit
• Reduce paperwork and speed up housing approvals
• Make it easier to develop prefabricated and standardized housing
• Introduce additional social and affordable housing measures
• Expand initiatives aimed at reducing homelessness

In simple terms: make purchasing a new home less expensive for first-time buyers while reducing barriers to adding housing supply.

Québec solidaire (QS)

Québec solidaire is putting considerably more emphasis on renters, rent regulation and government-supported housing.

• Initially limit rent increases to inflation before introducing a stronger rent-control system
• Create 50,000 social and community housing units through new construction and the purchase of existing properties
• Offer qualifying first-time buyers a government loan of up to $50,000 toward their down payment
• Create a public rent registry
• Introduce stronger rules targeting speculation
• Strengthen measures involving landlords who repeatedly violate tenant protections

In simple terms: stronger renter protections, substantially more non-market housing and government assistance toward the down payment for some first-time buyers.

Quebec Liberal Party (PLQ)

The Liberals are putting a major emphasis on significantly increasing Quebec's overall housing supply.

• Set a long-term target of 100,000 new homes per year
• Refund part of the Quebec sales tax on new homes, worth up to $10,000 in many cases
• Add 40,000 social and affordable housing units over five years
• Use incentives to encourage private investment in new housing construction
• Expand both market and affordable housing supply

In simple terms: dramatically increase housing construction while using incentives to encourage private development and expanding social and affordable housing.

Conservative Party of Quebec (PCQ)

The Conservatives are focusing primarily on deregulation and reducing what they view as barriers to building housing.

• Simplify Quebec's Construction Code
• Reduce the number of regulated construction trades
• Make it easier for construction workers to move between trades and regions
• Exempt residential construction from some existing labour rules
• Reform parts of the landlord-tenant system
• Review how government housing assistance is delivered

In simple terms: reduce regulation, bureaucracy and construction restrictions with the goal of making housing faster and less expensive to build.

The Big Picture

The parties are approaching Quebec's housing affordability problem from different directions.

The CAQ and PQ are putting considerable emphasis on helping first-time buyers while reducing barriers to construction.

The Liberals are emphasizing a major increase in overall housing supply, combined with incentives for private construction and additional affordable and social housing.

Québec solidaire is focusing more heavily on renters, rent regulation, social housing and direct government assistance.

The Conservatives are emphasizing deregulation and reducing the cost and complexity of residential construction.

Different approaches to the same fundamental challenge: how to make housing more accessible and affordable for Quebecers.

Property of the Week

This week's featured property is 295 Rue Mazarin in Pointe-aux-Trembles, offering plenty of room for a growing or intergenerational family.

The home features five bedrooms, two full bathrooms, two kitchens and two separate entrances, allowing extended family members to have their own space. It's six minutes from the EXO train and close to schools, parks and shopping.

Listed at $499,900.

Trivia Question of the Week

Question: What is the purpose of a mortgage pre-approval?

Answer: A mortgage pre-approval provides an indication of how much a lender may be willing to lend you and may include an interest-rate hold for a specified period, subject to the lender's conditions.

Get in Touch

LJ Aguinaga – Real Estate
514-500-4040
ljrealties.com
@ljaguinaga | @ljrealties

Plex Dr Property Management
plexdr.com

Fred & Martin – Mortgage Experts
FredAndMartin.com

Under One Roof MTL
underoneroofmtl@gmail.com