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.