Introduce a new rent-to-own program to help make it easier for renters to get on the path towards home ownership while renting. The program will be designed based on three principles: the landlord must commit to charging a renter a lower-than-market rate to help Canadians build up savings for a down payment; the landlord must commit to ownership in a five-year term or less; and proper safeguards will be in place to protect the future homeowner.
Create a stream for current renters and landlords, particularly those in condo settings, to immediately enter into a rent-to-own agreement.
Commit $1 billion in loans and grants to develop and scale up rent-to-own projects with private, not-for- profit, and co-op partners.
— Forward. For Everyone., retrieved 2021-09-02
Introduce a tax-free First Home Savings Account will allow Canadians under 40 to save up to $40,000 towards their first home, and to withdraw it tax-free to put towards their first home purchase, with no requirement to repay it.
— Forward. For Everyone., retrieved 2021-09-02
Double the First-Time Home Buyers Tax Credit, from $5,000 to $10,000, which will put $1,500 in your pocket to make a home purchase a little bit easier.
— Forward. For Everyone., retrieved 2021-09-02
Establish an anti-flipping tax on residential properties, requiring properties to be held for at least 12 months.
Canadians who encounter changes in life circumstances due to, for example, pregnancy, death, new jobs, divorce, or disability will be exempt from this policy. As this tax is introduced rules will be established to ensure that sellers subject to this tax are able to deduct legitimate investments in refurbishment.
— Forward. For Everyone., retrieved 2021-09-02
Ban foreign money from purchasing a non- recreational, residential property in Canada for the next two years, unless this purchase is confirmed to be for future employment or immigration in the next two years.
Extend Canada’s first-ever national tax on non- resident, non-Canadian owners of vacant, underused housing, announced to begin on January 1, 2022 to include foreign-owned vacant land within large urban areas.
Work with provinces and municipalities to develop a framework to better regulate the role of foreign buyers in the Canadian housing market so that this money does not deter housing from being available for, and used by, Canadians.
— Forward. For Everyone., retrieved 2021-09-02
With regards to REITs:
Review the tax treatment of these large corporate owners.
Put in place policies to curb excessive profits in this area, while protecting small independent landlords.
Review the down payment requirements for investment properties.
— Forward. For Everyone., retrieved 2021-09-02
