We have looked at some articles covering the main Canadian political parties. REGF Property Development is non-partisan, but we can’t ignore election promises relevant to real estate.
We have picked some key points for comparison between parties but for the most complete, accurate and up-to-date information, we encourage you to go to the Parties’ official website or contact your own local MPs for detailed explanation to ensure accuracy of information. Points are abbreviated for space and for a quick read.
Here’s are the changes political party leaders are promising if elected as a majority:
Liberal Party (www.liberal.ca)
Currently also using CMHC loans and or grants in various capacities to assist development of housing affordability programs for:
- 1% annual foreign owner tax
- $2.5 billion to create 35,000 affordable housing units
- $1.5 billion (from the $2.5 above) for rapid housing initiative to build new units faster than possible.
- Ban blind bidding, home buyers bill of rights
- Tax-free savings account (under 40 can save up to $40,000)
- 2-year moratorium on foreign buyers
- Target building 100,000 middle-class homes by 2024-25
Conservative Party (www.conservative.ca)
- Ban foreign investment single-family residential for two years
- Encourage foreign investment in rental construction
- Never tax capital appreciation on principle residences
- Build 1 million housing units in 3 years
New Democrat Party (NDP) (www.ndp.ca)
- 20% foreign home buyers tax applicable in certain parts of BC
- Build 500,000 affordable homes in 10 years
- Waive Federal portion of GST/HST on construction of new affordable units
- Mobilize underutilized Federal properties for ”vibrant new communities”