Quebec Finance Minister on taxes, housing and his province's economic boom
Quebec Finance Minister Carlos Leitao says his province has no plan to implement a foreign homebuyers’ tax right now, despite signs that the market is heating up.
“At this point, we have no intention of doing that,” he told BNN in an interview Friday. “However, we are closely monitoring the situation. We saw what happened in Toronto and in Vancouver.”
“In Montreal, prices are rising, but that is being driven by demand,” he added, noting supply is keeping pace.
The latest data from the Greater Montreal Real Estate Board revealed home sales jumped 16 per cent in July.
Prices for the month climbed as well, with the median price of a single-family home rising $323,000, up eight per cent from July 2016. And the median condominium price edged up two per cent to $256,000.
But still, Leitao says Quebec is “in a relatively well-balanced market.”
He says, however, the province is ready to make a policy move if necessary.
“We are ready,” he said. “If need be, we can do that. But at this point we have no intention of doing so.”