Affordable Housing and The Election
Take further steps to expand diverse forms of housing in our communities and ensure that our housing is affordable for people who live and work in our cities. These steps include:
- Taking a housing-first approach and accelerate investments to affordable, supportive and social housing on a priority basis;
- Expanding supports for co-op housing through extending leases for existing co-ops about to expire, create a land bank for new co-ops, and provide security of tenure for co-ops on leased land;
- Work with local governments to expand the “missing middle”, such as townhouses and triplexes;
- Establish a capital fund to support the acquisition and maintenance of rental housing by nonprofits to maintain affordable rental units and address the financialization of the rental market;
- Close the bare trust loophole;
- Close loopholes in the speculation tax that allow too many foreign owners and satellite families to be exempt.
The Conservative Party of Canada has a comprehensive and effective plan to address Canada’s Housing Affordability Crisis.
We will increase the rate of home construction to build a million homes over the next three years and make homes more affordable by:
- Reviewing the extensive real estate portfolio of the federal government – the largest property owner in the country with over 37,000 buildings – and releasing at least 15 per cent for homes.
- Requiring municipalities receiving federal funding for public transit to increase density near the funded transit
- Encouraging Canadians to invest in rental homes by allowing the deferral of capital gains tax when selling a rental property
- Banning foreign investors from buying homes here if they are not planning to live in or move to Canada
- Encouraging foreign investment in affordable purpose-built rental housing for Canadians.
- Providing more Canadians with a path to homeownership by making it easier for more families to get a mortgage.
- Being a reliable partner in addressing the housing needs of Indigenous communities and will implement a ‘For Indigenous, By Indigenous’ home strategy.
NDP Leader Jagmeet Singh has promised that if his party forms the next government they would:
- Create 500,000 affordable housing units over the next 10 years with half of those in place within the first five years;
- Preserve 1.7 million homes over the next four years;
- Re-introduce a 30-year term on Canada Mortgage and Housing Corporation insured mortgages on entry-level homes for first-time home buyers;
- Double the existing Home Buyer’s Tax Credit to $1,500 and offer $5,000 a year in rent subsidies; and
- Impose a 20 per cent tax on foreign homebuyers rather than banning those purchases outright.
WE WILL MAKE IT EASIER FOR CANADIANS TO FIND AN AFFORDABLE PLACE TO CALL HOME.
- As part of our new, ten-year investment of nearly $20 billion in social infrastructure, we will prioritize significant new investment in affordable housing and seniorsfacilities.
- We 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.
- We will increase the new residential rental property rebate on the GST to 100 percent, 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.