The Liberals have clarified what they’ll do for the Canadian Housing Market in a recent campaign. The Party releases an aggressive housing plan faceted to combat other Party’s aggressive housing plans.
Trudeau promises a number of notable things,
- Billions of dollars in new funding, measures to curb the practice of “flipping” homes
- Efforts to block foreign nationals from buying homes for two years
- New regulatory measures to police exploitative real estate agents
- A three-point program which includes,
- Unlocking home ownership through new government funding
- A plan to build more homes to address supply constraints
- Measures to establish and protect new rights for buyers.
- Introduce a first home savings account which would allow Canadians up to age 40 to save $40,000 toward their first home and withdraw it tax-free when it comes time to buy.
- Double the first-time home buyers tax credit from $5,000 to $10,000
- Slash mortgage insurance rates by 25 per cent
- A “rent-to-own” program, with $1 billion in new funding to “create a pathway for renters in five years or less
- Build, preserve or repair 1.4 million homes in the next four years” by giving cities “new tools to speed up housing construction.”
- Create a $4 billion pool of cash that cities could tap if they help to create “middle-class homes”
- The party is also promising $2.7 billion over four years to build or repair more affordable homes
- Money to convert empty office space into housing,
- A “multigenerational home renovation tax credit” to offset the costs of adding a secondary unit to a home
- More money for Indigenous housing to help First Nations, Métis and Inuit people who live in substandard conditions.
For more information, visit https://liberal.ca/housing/
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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