Subsidies cut at the City of Montreal: Housing owners are placed in an impossible situation
Montreal, July 15, 2014 --- The Association of Quebec Landlords (APQ) condemns the decision taken by the City of Montreal concerning “the immediate stop and until further notice, to the taking of new requests for financial assistance in its subsidy programs for the acquisition and renovation of properties.”
“Property owners must keep their housing and buildings in good condition. But how can they assume all these costs when the Government blocks rent increases and the adjustment of the rent to the market price at the departure of the tenant, when Bill 122 imposes additional inspections and renovations, and when the City of Montreal imposes a housing code?” says Martin Messier, the President of the APQ.
The Government and the City of Montreal plunge Quebec property owners in disarray.
Subsidies to renovate in order to establish a healthy and safe real-estate park must be implemented without delay.
“Because of the low rental rates of the Régie du logement we need subsidies and tax credits, not only from the City of Montreal but also from the Quebec Government, in order to allow us to have a healthy real-estate park!” adds Martin Messier.
With rates of 2.6% and a return on investment of more than 32 years it is impossible to ask the owners to comply with all the laws and regulations in force and maintain the condition of their buildings.
“The Government and the City must provide the necessary tools to property owners in Quebec before pointing the finger at the owners!” concludes Mr. Messier.
Founded in 1984 the Association of Quebec Landlords (APQ) is the most important association providing services to owners of rental housing in all regions of Quebec. It also provides an evaluation service of tenants which is unique in Quebec.