Canada’s NDPs say they have a plan to target the housing crisis and make housing more affordable, and here’s how they promise to accomplish this if elected:

Go after big money investors by:

• Singh and the NDP say they will go after big money investors by putting a 20% Foreign Buyer’s tax on the sale of homes to individuals who are not Canadian citizens or Permanent Residents.
• The NDP says they would target money laundering and organized crime within the housing sector by making it harder to hide behind nameless companies and giving regulators more teeth.

Increase affordable housing supply by:

• If elected, the NDP says it will increase housing supply by building 500,000 affordable homes in ten years;
  • The party promises to have the first half done within five years.
• This will be achieved with the right mix of effective measures that work in partnership with provinces and municipalities, build capacity for social, community, and affordable housing providers, to provide rental support for co-ops, and meet environmental energy efficiency goals.
• This ambitious plan will create thousands of jobs in communities all across the country, jump-starting the economic recovery, and helping Canadians get the affordable housing they need.

The NDP says it will also set up dedicated fast-start funds to streamline the application process for co-ops, social, and non-profit housing and help communities get the expertise and assistance they need to get projects off the ground. The party says it will mobilize federal resources and lands for these projects, turning unused and under-used properties into vibrant new communities.

Re-introduce 30-year terms to CMHC insured mortgages:

• While making affordable rental housing more available is critical, the NDP believe that the dream of homeownership shouldn’t be forever out of reach for Canadian families. That’s why we will re-introduce 30-year terms to CMHC insured mortgages on entry-level homes for first time home buyers.
• This will allow for smaller monthly payments, freeing up funds to help make ends meet for young families. The party will also give people a hand with closing costs by doubling the Home Buyer’s Tax Credit to $1,500.

For Canadians who are open to innovative paths to homeownership, the NDP says it will provide resources to facilitate co-housing, such as model co-ownership agreements and connections to local resources, and ease access to financing by offering CMHC-backed co-ownership mortgages.

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. 

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