Housing Prices
Liberal
- Place a tax on residential properties that are sold within 12 months of purchase.
- Ban foreign purchasing of non-recreational, residential property for 2 years, excluding future employment or immigration.
- Introduce a new rent-to-own programme, & commit $1B in loans & grants to scale up rent-to-own.
- Introduce a tax-free First Home Savings Account.
- Double the First-Time Home Buyers Tax Credit.
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
NDP
Green
- Declare housing affordability & homelessness a national emergency.
- Create national standards to establish rent & vacancy controls.
- Provide a retroactive residential arrears program for Canadians at risk of eviction or of being driven into homelessness due to accumulated rent.
- Raise the empty homes tax for foreign & corporate residential property owners.
A Green government will provide a retroactive residential arrears assistance program to protect Canadians at risk of eviction or of being driven into homelessness due to accumulated rent arrears, as recommended by the National Right to Housing Network (NRHN) and the Centre for Equality Rights in Accommodation (CERA).
— Be Daring., retrieved 2021-09-11
● Raise the “empty home” tax for foreign and corporate residential property owners who leave buildings and units vacant.
● Assess the role of real estate investment trusts (REITs) in Canada’s housing market.
● Close tax haven loopholes that allow foreign investors to hide the names of beneficial owners of properties in Canada.
● Crack down on money laundering in Canadian real estate.
— Be Daring., retrieved 2021-09-11