Housing affordability and supply have become an issue in areas across the country including Muskoka. As the September 20, 2021 federal election draws near, here is an overview of what the parties are proposing:
- Create 1 million new housing units in the next three years.
- Root out the corrupt activities that drive up real estate prices.
- Encourage a new market in seven- to ten-year mortgages to provide stability both for first-time home buyers and lenders, opening another secure path to homeownership for Canadians, and reducing the need for mortgage stress tests.
- Remove the requirement to conduct a stress test when a homeowner renews a mortgage with another lender instead of only when staying with their current lender, as is the case today. This will increase competition and help homeowners access more affordable options.
- Increase the limit on eligibility for mortgage insurance and index it to home price inflation, allowing those in high-priced real estate markets with less than a 20 per cent down-payment an opportunity at home-ownership.
- Fix the mortgage stress test to stop discriminating against small business owners, contractors and other non-permanent employees including casual workers.
- Ban foreign investors not living in or moving to Canada from buying homes here for a two-year period after which it will be reviewed.
- Instead, encourage foreign investment in purpose-built rental housing that is affordable to Canadians.
- Address issues that lead to homelessness.
You can find their platform here
- Declare housing affordability and homelessness a national emergency.
- Redefine affordable housing using a better, updated formula that accounts for regional variations across the country.
- Immediately appoint the Federal Housing Advocate, as established in the National Housing Strategy Act.
- Establish a national moratorium on evictions for those who rent.
- Maintain a moratorium on evictions until the pandemic is over and for a reasonable time thereafter, in cooperation with provincial governments.
- Create national standards to establish rent and vacancy controls.
- Protect the existing stock of affordable housing by funding the purchase of buildings by non-profit and cooperative affordable housing organizations.
- Expand the Rapid Housing Initiative to bring new affordable and supportive housing onstream without delay. With this expansion, more quality projects with funding and agreements already in place can quickly become affordable or supportive housing.
- Raise the “empty home” tax for foreign and corporate residential property owners who leave buildings and units vacant.
- Assess the role of real estate investment trusts (REITs) in Canada’s housing market. Close tax haven loopholes that allow foreign investors to hide the names of beneficial owners of properties in Canada.
- Crack down on money laundering in Canadian real estate.
You can read more about the Green platform on housing here
- Help renters become homeowners.
- More flexible first-time homebuyer incentives.
- Introduce a tax-free first home savings account.
- Curb unproductive foreign ownership.
- Strengthen federal oversight of housing market.
- Build and repair more affordable housing.
- Convert empty office space into housing.
- Help different generations of a family live together.
- Introduce a Home Buyers’ Bill of Rights.
- Give cities the tools to speed up home construction.
- Save on closing costs of buying a home.
- Stop excessive profits in the financialization of housing.
- Incentives to afford down payments faster.
You can read more about the Liberal platform on housing here
- Create 500,000 affordable housing units in the next ten years.
- Waive the federal portion of the GST/HST on the construction of new affordable rental units.
- Kick-start construction of co-ops, social, and non-profit housing by dedicating fast-start funds to streamline the application process.
- Mobilize federal resources and lands for housing projects turning unused an dunder-used properties into vibrant communities.
- Re-introduce 30-year terms to CMHC insured mortgages on entry-level homes for first-time home buyers.
- Help with closing costs by doubling the Home Buyer’s Tax Credit to $1,500.
You can read more about the NDP platform on housing here
People’s Party of Canada:
- Substantially reduce immigration quotas.
- Modify Bank of Canada’s inflation target from two to zero per cent, cooling down inflation in all sectors including housing.
- Stop funding social housing.
- Privatize or dismantle the Canada Housing Corporation.
- Work with provinces to curb speculation and money laundering by foreign buyers.
You can read more about the PPC platform on housing here
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