Access to property The PQ proposes to guarantee a discount

Access to property: The PQ proposes to guarantee a discount on interest rates

A PQ government would introduce an “interest rate reduction program” to make it easier for the middle class to buy a home and extend the payback period for first-time buyers.

These measures are included in the Parti Québécois Access to Property Plan, unveiled Monday morning in Montreal.

The PQ believes a change is needed to give young people “who have an excellent job and have spared no effort to get there” “the same opportunities as their parents” to become owners.

They therefore propose that the government make it its mission to help first-time buyers financially, in particular by guaranteeing a 3.5% discount on the applicable interest rate for a period of three years. To this end, the state would “negotiate reduced interest rates with banks and the Caisse populaire Desjardins, provide guarantees for loans and cover part of the difference” between the reduced interest rate and the interest rate in force in financial institutions.

The document gives the example of a $524,888 home that would be purchased with a 10% down payment. According to PQ calculations, the monthly payments for this property would be approximately $2,358.55 per month over 25 years, discounted at 3.5% at a current interest rate of 7%. Without the discount, payments would instead be $3,308.76 per month, or $11,402.52 more per year.

The PQ would also increase the maximum allowable amount of tax credit for the purchase of a first home from $1,500 to $3,000 and increase the maximum QST refund for new homes purchased by first-time buyers to $20,000.

Finally, a PQ government would increase the maximum payback period for first-time buyers from 25 to 30 years.


According to the PQ's analysis, the current crisis is exacerbated by the “sudden and excessive imbalance between supply and demand” caused by immigration, the “elephant in the room” that it can proudly name as the only one with the courage to to name him.

“In 2023, Quebec will have welcomed almost 225,000 people, while new housing starts barely exceeded 30,000, a decline of 35% compared to last year,” the plan says. , which recalls that the PQ would reduce the number of permanent immigrants to 35,000, as well as the number of new arrivals from all temporary immigration categories.

Government building

And to ensure more housing is on the market, the PQ plan calls for converting or selling government buildings to create new housing options.

He also suggests creating business incentives to speed up the construction of homes and rental properties and removing “bureaucratic hurdles” that slow the process.

The office of Housing Minister France-Élaine Duranceau has already pledged to implement some of the ideas proposed by the PQ.

“We are open to exploring what we can do to improve access to property, particularly for first-time buyers. The key is to increase supply! We are already implementing several things that the PQ proposes, including measures to reduce bureaucracy and the use of prefabricated materials to reduce construction times,” commented the minister’s team.