Quebec's real estate market is constantly evolving, and it's important for homeowners, tenants, and investors to stay informed about the latest laws and regulations. The Legault government has recently announced several new measures aimed at regulating the real estate market and better protecting consumer rights.

End of Lease Transfers : A Key Measure

One of the most anticipated measures is the ban on lease transfers, which will come into effect on July 1, 2024. This measure aims to limit real estate speculation and curb rising rental prices. Concretely, tenants will no longer be able to assign their lease to a third party for a price higher than the one they were paying themselves.

Other Measures announced by the Legault Government

In addition to the ban on lease transfers, the Legault government has also announced several other real estate measures, including :

• Regulation of rent increases : rent increases will be limited to an annual percentage set by the Government, based on the consumer price index. This measure has been in effect since 2021.

• Increase in the supply of rental housing : the government will invest in the construction and renovation of affordable rental housing.

• Homeownership assistance : New measures will be implemented to help first-time buyers access homeownership, including increasing the financial assistance available.

• Fight against real estate fraud : the government will strengthen measures to fight against real estate fraud, including by creating a registry of real estate transactions.

What is already in place

Some of the measures announced by the Legault government are already in effect, such as the regulation of rent increases. Other measures, such as the ban on lease transfers, will come into effect in the coming months. The government has also implemented an action plan to combat the housing crisis, which includes several measures to increase the supply of housing and to help people in precarious housing situations.

Legault's government is taking concrete steps to regulate the Quebec real estate market and better protect consumer rights. These new laws and regulations will have a significant impact on the real estate market, and it is important for homeowners, tenants, and investors to stay informed.

Remember to check our blog for more informative articles on the Quebec real estate market.

The CYRUSS Team