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Quebec budget: Tax breaks for young families, seniors, homeowners

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A new tax credit is being introduced for first-time buyers. Quebec says it will help defray the costs of such expenses as inspection and notary feeds. The tax credit, which applies to housing units purchased after Jan. 1, 2018, will give Quebecer home-buyers a break of up to $750 on tax returns.



 



Here are some points to keep in mind about recent economic conditions:
According to the Conference Board of Canada, in May, 42 per cent of Québec consumers felt that the time was right to make a major purchase, such as a property. This represents an increase of 2 percentage points compared to the previous month. 
According to the Canadian Real Estate Association (CREA), residential sales in Canada fell by 13.9 per cent in April 2018 compared to April of last year. In particular, sales continued to fall in the Vancouver (-27 per cent) and Toronto (-33 per cent) areas. The actual average price for residential MLS® properties sold in Canada in April 2018 was just over $495,000, an 11.3 per cent decrease compared to the same month of last year.
According to Statistics Canada’s Labour Force Survey, there were 13,800 fewer jobs (seasonally adjusted) in Québec in April as compared to the previous month. Nevertheless, there were 72,800 more jobs than in April of last year. Finally, the unemployment rate in Québec decreased to 5.4 per cent in April.
According to preliminary data from the Canada Mortgage and Housing Corporation (CMHC), housing starts in Québec centres with 10,000 or more inhabitants jumped by 36 per cent in April 2018 compared to April 2017. The Trois-Rivières (+169 per cent) and Montréal (+59 per cent) metropolitan areas registered the largest increases.