Liberals want to build 100,000 affordable homes over a decade and offer first-time home-buyer subsidies of 10 per cent on new home purchases and 5 per cent on resales — with restrictions. They would loosen restrictions in expensive markets and put a surtax on absentee foreign owners. They want to retrofit 1.5 million homes for energy efficiency and offer interest-free loans up to $40,000 to make houses weather-resilient.
Conservatives would ease regulations to get new homes built. The party would raise amortization limits to 30 years for CMHC-backed mortgages and change the mortgage “stress test” for first-time buyers. It would implement a 20 per cent green homes tax credit for up to $20,000 spent over two years to pay for energy-saving renovations, and promises a public inquiry examining real estate money laundering.
New Democrats want to build 500,000 affordable housing units over 10 years; until then, they propose a rental subsidy. They want to scrap the federal GST/HST for those constructing new affordable units. The party would reintroduce 30-year terms for mortgages insured by the CMHC for first-time buyers and give low-interest loans to retrofit houses. It proposes a 15 per cent surtax on foreign buyers and doubling the home buyer’s tax credit to $1,500.
The party proposes building 25,000 new affordable units and renovating 15,000 others every year for the next 10. It wants to legislate housing as a “legally protected fundamental human right for all Canadians” and appoint a minister of housing to oversee the National Housing Strategy. The party also wants more resources available for housing co-ops and to scrap the Liberals’ first-time home buyer incentive.
The Bloc proposes allowing natural disaster victims be able to take money out of their RRSP without penalty or tax to renovate their home post-disaster. They would have to prove damage was caused by a climate change related event. It also wants more money for Quebec social housing but hasn’t provided a detailed plan for spending it.
The party has not released specific policy on this issue — but Leader Maxime Bernier has blamed high housing costs in Toronto and Vancouver on zoning regulations and high immigration levels.
Find out more about the promises parties are making in our party platform tracker.
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