While the Liberals don’t have any new plans to tackle housing to date — the party’s latest platform promise includes $10 a day child care for families — the party’s ongoing platform features three housing components.
- As part of a new, ten-year investment of nearly $20 billion in social infrastructure, the Liberals say they will prioritize significant new investment in affordable housing and seniors facilities.
- The party says it will undertake a review of escalating home prices in high-priced markets — like Vancouver and Toronto — to determine whether speculation is driving up the cost of housing.
- The Liberals say they will increase the new residential rental property rebate on the GST to 100% — eliminating all GST on new capital investments in affordable rental housing.
- This wll provide $125 million per year in tax incentives to increase and substantially renovate the supply of rental housing across Canada
However, as part of the Liberal’s 2021 federal budget, the party said $3.8 billion in new and re-assigned funding would be allocated for affordable housing, the Canada Housing Benefit, and other initiatives to build, convert, or repair 35,000 units across Canada. These funds will be distributed over the course of seven years.
What’s more, the budget shows $612 million will be dedicated to the homelessness strategy, including veterans, over two years.
The Liberals also announced a 1% national tax on non-resident, non-Canadian-owned residential real estate considered vacant or underused. This revenue stream is estimated to bring in $700 million over four years and would be levied annually beginning in 2022.
This article was written and published by Ainsley Smith, a writer from Storeys Publishing (2021). To read the full article click here
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