Election 2021: housing promises at a glance

Election 2021: housing promises at a glance

Housing is on everyone's mind in the upcoming federal election. And it’s especially important to GTA residents, who have been struggling with the twin issues of supply and affordability for years, and living in an overheated market that's leaving first-time buyers out in the cold. Over 40% of GTA residents feel housing is the biggest issue in the upcoming election.

So it’s no surprise that the major federal parties are addressing that concern in their election platforms, and focusing on the younger demographic that's most heavily impacted by the lack of affordability. To help you compare, here's a quick recap of each party's approach to addressing the growing housing crisis:

The promises boil down to 4 key issues

Mainly, they’re talking about how:

A. They’ll increase housing supply and improve infrastructure

B. Address foreign buyers

C. Add transparency and fairness to real estate practices

D. Make things easier for first-time buyers

Liberals

A. Build, preserve and prepare 1.4 million homes over the next 4 years

A. Help cities accelerate housing construction

B. Impose a 2-year ban on new foreign ownership

C. Ban blind bidding so all buyers can see what other bidders are offering

C. Establish a legal right to a home inspection

C. Ensure complete transparency around home sale prices

C. Require mortgage lenders to act in the best interests of buyers

C. Develop a national action plan to protect customers

D. Double the First Time Home Buyer Tax Credit to $10,000

D. Put $1B towards rent-to-own projects

D. Create a tax-free First Home Savings Account which lets buyers under 40 save $40K towards their purchase

D. Reduce the price charged by the CMHC on mortgage home insurance by 25%

Read the full Liberal housing plan (it starts on page 11, at “Build a Better Canada for Everyone”)

Conservatives

A. Build 1 million homes in the next 3 years

A. Make 15% of real estate owned by the federal government available for residential development

A. Ensure areas getting Federal funding for public transportation increase density around that transit

A. Offer tax incentives to developers

B. Impose a 2-year ban on new foreign ownership

D. Provide a universal tax cut of up to $850 per couple, along with other affordability measures

Read the full Conservative housing plan (go to page 54 to read “A Detailed Plan to Tackle Home Prices”).

NDP

A. Build 500,000 affordable housing units over 10 years, with half in place in 5 years

A. Preserve 1.7 million homes

B. Impose a 20% tax on foreign homebuyers

D. Reintroduce a 30-year term on insured mortgages for first-time buyers

D. Double the Home Buyers’ Tax Credit to $1500

D. Offer rent subsidies

Read the full NDP housing plan (scroll down to “Making sure everyone can afford a place to call home”)

Green Party

A. Build 300,000 units of low-income housing in the next 10 years

A. Apply a corporate tax on transnational e-commerce companies like Netflix, Google and Uber to help fund housing

A. Commit to funding transit and transportation infrastructure

A. Leverage provincial land for affordable housing developments

C. Create an open data partnership to make collecting and sharing real estate data easier

Read the full Green Party housing plan

Stay tuned for more insights after the election!

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