2021 Election Real Estate Platform Guide


In case you're wondering what are the platforms for housing of all parties this election, we have gathered a list below:


If you want to learn how this election impacts the real estate market, please contact me at 604-779-8408.


Liberal Platform

  • Introduce First Home Savings Accounts for Canadians under 40 to save up to $40,000 toward their first house; deposits and withdrawals are tax-free. (source)
  • Give $1 billion in grants and loans to develop rent-to-own projects. (source)
  • Add the option of a deferred mortgage loan to the First Time Home Buyer Incentive. (source)
  • Reduce the price of home insurance by the Canada Mortgage and Housing Corp. by 25% (source)
  • Double the Home Buyers Tax Credit to $10,000. (source)
  • “Build, preserve or repair” 1.4 million homes in four years, including more than doubling the funding to the National Housing Co-investment fund to $2.7 billion over four years and introducing a Multigenerational Home Renovation tax credit for families adding secondary units for relatives. (source)
  • Introduce a Home Buyers’ Bill of Rights that will ban blind bidding, create a legal right to a home inspection and ban new foreign ownership of homes for two years. (source)
  • Introduce a national tax of one percent annually on the value of non-resident, non-Canadian owned residential real estate that is vacant or underused (source)
  • Convert empty office space into housing. (source)
  • Establish an anti-flipping tax on residential properties, requiring properties to be held for at least 12 months. (source)
  • Invest $4 billion in a Housing Accelerator Fund which will grow the annual housing supply in the country’s largest cities every year, creating a target of 100,000 new, middle-class homes by 2024-25. (source)
  • Introduce a new Multigenerational Home Renovation tax credit for families wishing to add a secondary unit to their home for the purposes of allowing an immediate or extended family member to live with them. (source)
  • Will work with Indigenous partners to create a National Indigenous Housing Centre which will see Indigenous people overseeing federal Indigenous housing programs once fully realized. (source)
  • To work towards our commitment to end chronic homelessness and reach our commitment of reducing chronic homelessness by 50% by 2027. (source)
  • Establish the Canada Financial Crimes Agency as Canada’s first-ever national law enforcement agency solely dedicated to investigating and combatting all forms of major financial crime, including the presence of money laundering in the housing market. (source)
  • Undertake a review of the tax treatment of large corporate owners of residential properties such as Real Estate Investment Trusts (REITs) who are increasingly trying to amass large portfolios of Canadian rental housing, putting upward pressure on rents. (source)

Conservative Platform

Source

  • Build a million homes in three years by switching 15 percent of federal real estate to housing; incentivize the private sector to give land for affordable housing; require higher density near federally funded transit.
  • Alter the “mortgage stress test” requirements to help contractors, casual workers etc.; remove stress test for homeowners switching mortgage lenders. 
  • Create a federal residential ownership registry. 
  • Stop foreigners who don’t live in or aren’t moving to Canada from owning homes for two years.
  • Increase the Home Accessibility Tax Credit to $10,000 per person.
  • Conservative Party outlines plan to make Canadian real estate more affordable.

NDP Platform

Source


  • Work toward ending homelessness within a decade.
  • Spend $14 billion building 500,000 units of affordable housing in the next 10 years—half of them in the next five.
  • Establish “fast-start funds” to streamline the application process to stimulate the creation of more co-op and non-profit social housing.
  • Enact a 20 percent Foreign Buyer’s Tax on the sale of homes to non-Canadian citizens or permanent residents. 
  • Provide up to $5,000 in annual rent subsidies for families.
  • Tighten rules on loans by the Canada Mortgage and Housing Corporation to help stop “renovictions.” 
  • Waive the federal portion of the GST/HST on the construction of new affordable rental units.
  • Reintroduce 30-year terms for mortgages backed by the Canada Mortgage and Housing Corporation for “entry-level homes,” which the party says will allow for smaller monthly payments.
  • Double the Home Buyer’s Tax Credit to $1,500.
  • Provide model co-ownership agreements and offer CMHC-backed mortgages for co-ownership of homes.
  • Establish a “public beneficial ownership registry” to increase transparency about property ownership, with the aim of fighting money laundering, and require the reporting of suspicious transactions. 

Green Platform

Source


  • Apply tax on corporate owners of unoccupied residences, in addition to currently taxed foreign homeowners. 
  • Redefine the formula for “affordable” housing. 
  • Boost housing benefits, a federal-provincial program for rental assistance
  • Appoint a Minister of Housing
  • Appoint a federal housing advocate 
  • Declare homelessness and housing “national emergencies”
  • Build and acquire at least 300,000 units of deeply affordable co-op and non-profit housing over 10 years 


SOURCE: https://www.macleans.ca/rankings/2021-federal-election-platform-guide/

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