Conservatives
- Build 1 Million Homes in the next 3 years. One of the ways they will do this is by releasing 15% of federally owned real estate for housing. They will also force municipalities which receive federal funding for public transit to increase density near the funded transit, as well as bring public transit to where people are buying homes. They will also incentivize developers by allowing them to defer capital gains tax when selling one rental unit to purchase another and will explore converting unneeded office space into housing. They will further incentivize corporations and private landowners to donate land for affordable housing.
- Establish a federal Beneficial Ownership Registry for residential property.
- Ban foreign investors from buying homes for two years while encouraging foreign investment in purpose built affordable rental housing.
- “Fix the mortgage stress test to stop discriminating against small business owners, contractors and other non-permanent employees including casual workers” and removing the stress test when switching mortgages between lenders.
- Amend the Home Accessibility Tax Credit from $10,000 per home to $10,000 per person.
- Encourage a new market in seven to ten year mortgages
- States they will never tax capital gains on the sale of a primary residence.
Liberals
- Introduce a tax free First Home Savings Account for people under 40. They can save up to $40,000 to use as a down payment towards their first home. $1 Billion towards rent-to-own projects.
- Reduce CMHC by 25%
- Increase Home Buyers Tax Credit to $10,000
- “Build, Preserve or Repair” 1.4 million homes in 4 years. This includes doubling the National Housing Co-investment Fund (Providing low-cost loans and/or forgivable loans) to $2.7 billion over 4 years. They will also offer tax credits to families adding a second unit to their home for a relative.
- Introduce Home Buyers Bill Of Rights that will ban blind bidding and make home inspections a legal right.
- Ban foreign ownership for 2 years and impose a 1% annual tax on the value of non-resident, non-Canadian vacant or underused homes.
- Total of $3.8 billion to help build, repair or support 35,000 housing units.
- They will also help convert excess commercial property to rental housing.
NDP
- Build 500,000 affordable houses within 10 years, 50% within the next 5 years.
- Streamline application process for creation of co-op and non-profit social housing.
- 20% foreign buyer’s tax on the sale of homes to foreigners.
- $5000 per year in rent subsidies for families
- Tighten CMHC rules to reduce “renovictions” and reintroduce 30 year terms for mortgages backed by CMHC
- Waive federal portion of GST/HST on construction of affordable rental units.
- Double the Home Buyer’s Tax Credit to $10,000
- Make Co-ownership of homes easier to achieve with mortgages backed by CMHC and model agreements.
- Establish a federal Beneficial Ownership Registry for residential property.
For more information on each parties stance on most subjects, please visit this article from Mcleans.ca:
