Loans, Credit, Mortgages and Financing in Québec CityBy Caitlin in Geo
Québec City is one of North America’s oldest cities and the first major European settlement in Canada. The city was founded in the 17th century and its fortified city walls were awarded a UNESCO World Heritage Site distinction. Named after the Algonquin word Kébec, which means ‘where the river narrows’, the city is one of the most popular tourist destinations in all of Canada. Québec City is home to the seat of political power for the province and a hub for French Canadian culture.
- Québec City is the oldest community of native French speakers in North America; it celebrated its 400th anniversary in 2008.
- The city has 4.6 kilometers of walls the surround most of Old Québec. It is the only walled city north of Mexico.
- Québec City is not only one of the oldest cities in North America it also has one of oldest median ages of any major Canadian city, 43.5.
- Québec City is home to the Plains of Abraham, the location of one of the most pivotal battles in Canadian history between the British and the French.
|Average Family Income||81,900|
|Average Price of House||$258,516|
|Provincial Income Tax||$41,935 or less =16%|
|More than $41,935, but not more than $83,865=20%|
|More than $83,865, but not more than $102,040=24%|
|More than $102,040=25.75%|
|Provincial Sales Tax||9.975%|
Québec City Housing Market
Currently, in Québec City the housing market is quite slow, the reasons aren’t clear but the low population growth is potentially a large factor. Mortgage rates are continuing to fall, we’re seeing growth in employment and more first-time home buyers are expected to enter the market, this should increase activity within the housing market as we move into 2016.
How to be a Responsible Consumer
Protecting yourself from consumer fraud, credit scams and identity theft should always be a priority. By learning how to be a responsible and conscientious consumer you’ll be able to arm yourself with the information you need.
- Keep an Eye on Your Credit Report. Your credit report contains all your financial and personal information. Including your employment record, credit card use, previous and present debts and marital status, this is all extremely valuable information and you should always make sure it is up to date.
- Maintain a Healthy Credit Score. Maintaining a healthy credit score will give you the financial freedom to pursue all your life goals. A high credit score will make applying for loans all the easier and could potentially afford you more favourable interest rates.
- Responsibly Manage Your Credit, Debts, and Loans. Always pay your bills on time, especially credit card and loan payments. Only borrow money that you need and can afford to pay back. And If you’re having difficulty keeping up with your bills get in contact with your lender or creditor right away.
Consumer Protection in MontrÃ©al
For all the information you need on consumer issues in the city of Montréal contact Office de la protection du consommateur or visit the Services Québec website.
Office de la protection du consommateur
400 Jean-Lesage Boulevard, Suite 450
Québec, Québec G1K 8W4
Toll Free: 1-888-672-2556
Protecting Your Personal Information
Always keep all of your personal information private; never share more information than you need to. Keep an eye out for strange charges on your credit accounts or errors on your credit report. If you think you might be the victim of identity fraud or a credit scam get in contact with the two major Canadian credit reporting agencies (Equifax and TransUnion).
Equifax Canada Inc.
TransUnion of Canada