Elections are only a few weeks away, but today marks the first day you can attend to vote in advance. Ensure your voice is heard in this years election, but do you know the parties stance on each of the issues? With housing, there are a lot of different platforms but what will it mean for the housing market across the board??
Let’s take a quick look at the talking points for each of the parties here on housing.
Liberals promises:
- focusing on non-residents and proposed a federal tax on vacant properties owned by non-residents, with an aim to cool the housing market so owning a home becomes more affordable
- building 100,000 affordable homes over the next 10 years.
- promised $15 million in funding for homeless veterans
- additional spending on housing and infrastructure for Indigenous communities.
Conservatives promises:
- looking to would increase the maximum amortization for first-time homebuyer mortgages back to 30 years from 25 years and ease the mortgage stress test, with an aim to making home-buying more accessible.
- Make any surplus federal real estate available to use for housing development to increase affordable housing.
- Looking to introduce a federal tax credit for up to $20,000 spent on energy-saving renovations like high-efficiency heating and cooling, solar panels and window replacement.
New Democrats promises:
- NDP has committed to building 500,000 housing units over the next decade as part of its plan to increase affordable rentals, and kickstart it with a $5 billion commitment within the first 18 months of taking power.
- Another initiative to help renters is the waiver of the federal portion of the GST/HST on the new construction of rental units.
- like the conservatives, they’re also looking to reintroduce 30-year mortgage amortizations for first-time homebuyers for entry-level homes, thereby decreasing monthly payments.
- NDP has proposed doubling the Home Buyers’ Tax Credit from $750 to $1,500 and levying a 15% Foreign Buyers’ Tax to cool the housing market, so homes become more affordable for all.
If you’re considering buying or selling in the Guelph area, or would just like to chat about real estate, call me at 519-824-9050 ext. 235 or contact me here:
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