Conservatives propose a three-pronged strategy that targets the housing crisis which involves increasing housing supply, tackling money laundering and foreign investors, and making mortgages more affordable.

Increase supply by implementing a plan to build 1 million homes in the next three years by:

• Leverage federal infrastructure investments to increase housing supply. We will:
  • Build public transit infrastructure that connects homes and jobs by bringing public transit to where people are buying homes; and
  • Require municipalities receiving federal funding for public transit to increase density near the funded transit;

• Review the extensive real estate portfolio of the federal government – the largest property owner in the country with over 37,000 buildings – and release at least 15% for housing while improving the Federal Lands Initiative;
• Incent developers to build the housing Canadians both want and need, by:

• • Encouraging Canadians to invest in rental housing by extending the ability to defer capital gains tax when selling a rental property and reinvesting in rental housing, something that is currently excluded; and
  • Exploring converting unneeded office space to housing.
• Continue the Conservative commitment to Reconciliation with Canada’s Indigenous Peoples by enacting a “For Indigenous, By Indigenous” strategy – long called for by Indigenous housing advocates.
  • Canada’s Conservatives are committed to putting a stop to federal paternalism and instead partnering with Indigenous communities and empowering Indigenous Peoples with the autonomy to meet their own housing needs.
• Enhance the viability of using Community Land Trusts for affordable housing by creating an incentive for corporations and private landowners to donate property to Land Trusts for the development of affordable housing.
  • The incentive will mirror that which exists for donating land to ecological reserves.

Root out the corrupt activities that drive up real estate prices and put homeownership out of reach by:

• Implement comprehensive changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and give FINTRAC, law enforcement, and prosecutors the tools necessary to identify, halt, and prosecute money-laundering in Canadian real estate markets.
• Establish a federal Beneficial Ownership Registry for residential property.
• Closely examine the findings and recommendations of the Commission of Inquiry into Money Laundering in British Columbia, which is doing important work, and quickly implement recommendations at the federal level.

To arrest and reverse the inflationary impacts of foreign buyers and speculation in the housing market, the Conservatives say they will ensure that housing in Canada is truly for Canadian citizens and residents first.

To achieve this, the Conservatives say they will:

• 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.

To make mortgages more affordable, the Conservatives will:

• 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% 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.

Finally, the Conservatives say they will never tax Canadians’ capital gains on the sale of a principal residence.

This article was written and published by Ainsley Smith, a writer from Storeys Publishing (2021). To read the full article click here

Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages. 

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

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