The Federal elections are coming up fast with polls closing on the 20th of September. Housing policies have been a key factor in this year’s election and with how crazy the market has been this past year, we can definitely understand why!
Sifting through manifestos takes time and so we have broken down the parties’ housing platforms so you can be well equipped to make your decision in the voting booth.
Promises to “build, preserve or repair” 1.4 million homes in four years by converting empty office space into housing and allocate $2.7 billion more funding for affordable housing.
Introduce a Home Buyers Bill of Rights which includes a ban on “blind bidding” meaning that prospective buyers will no longer submit their bid without knowing the bids already made leading to bids way over the asking price.
Introduce a tax-free First Home Savings Account for Canadians under 40 to save up to $40,000 towards their first home, and be able to withdraw it tax-free.
Double the first-time buyer’s tax credit from $5000 to $10,000
Reduce the cost of CMHC home insurance by 25%.
Proposed a complete ban on new foreign ownership of Canadian houses for the next two years.
Promise to expand on the tax for foreign-owned vacant housing to include vacant land within urban areas.
Establish an anti-flipping tax on residential properties, requiring properties to be held for at least 12 months.
Pledge to invest $1 billion in grants and loans to develop rent-to-own projects where renters can work toward homeownership.
Plan to make it easier for renters to get on the property ladder by introducing a new rent-to-own program.
No matter the election results, our expert team of mortgage brokers is here to help guide you through the process of getting your mortgage financing approved.