Langstaff Gateway Condos floor plan.Levy property speculation tax! The Canadian Federal Liberal Party has announced that it will build 1.4 million new homes over the next four years to help solve the housing burden.Please Visit: Langstaff Gateway Condos floor plan to Get Your VVIP Registration Today!
The Liberal Party’s housing plan also includes a ban on foreigners owning houses for a period of two years. This is the same as the commitment made by the Conservative Party on its housing platform last week.
Prime Minister Trudo made the announcement this morning in Hamilton, Ontario. He said the property market was affected by “instability” and “uncertainty”, with the COVID-19 epidemic leading to soaring prices, bidding wars, rampant speculation and too many vacant properties. He says this situation requires government intervention to help more people own their own homes.
The Liberal Party will allocate billions of yuan of new funds to the radical housing plan, temporarily ban property speculation, prevent foreigners from buying houses for two years, and implement new regulatory measures to crack down on bad real estate agents.
The latest opinion poll shows that housing is one of the issues that voters are most concerned about.
“as long as people work hard and save, the dream of owning a house should come true, but now too many people can’t do it, which is wrong,” Trudo said. ”
“people should not be allowed to move away from work, school and family in order to afford rent, and people should not be allowed to lose to speculators in house bidding.” “now is the time to make a change.”
1. First suite savings account.
First of all, the Liberal Party will help people buy their first home faster and launch a rent-and-buy (Rent-to-Own) program, Trudo said.
Mr Trudo said that if the Liberal Party were re-elected on September 20, he would launch the first housing savings account (first home savings account), which would allow Canadians under the age of 40 to save 40, 000 yuan for their first home and withdraw it tax-free at the time of purchase. The money deposited in the account is tax-free and does not have to pay any tax on possible investment income at the time of withdrawal.
The Liberal government will double the tax credit for first-time home buyers from 5000 yuan to 10000 yuan, an incentive that will help reduce the closing costs of many home purchases, he said.
2. Rent first and Buy later.
To reduce mortgage costs, Trudo’s government will force the Canadian Mortgage and Housing Corporation (Canada mortgage and Housing Corporation) to cut mortgage insurance rates by 25%, which will save ordinary people 6100 yuan. The Liberal Party has also proposed a “rent-and-buy” (Rent-to-Own) scheme, which uses 1 billion yuan of new funds to “create access for renters to own homes in five years or less.”
3. Build 1.4 million housing units in four years.
To help solve supply-side problems, Trudeau promised to “build, preserve or repair 1.4 million homes over the next four years” and provide cities with “new tools to speed up housing construction.” The re-elected Liberal government will create a pool of 4 billion yuan that can be used if cities can help create “middle-class families,” he said. The plan will crack down on speculators who own idle land and will provide millions of new homes within four years.
The Liberal Party has also pledged to spend 2.7 billion yuan within four years to build or repair more affordable houses, convert vacant office space into housing, and provide a “tax credit for the decoration of families living together for several generations” to offset the cost of building a second home in a house. and more financial assistance for indigenous housing.
4. the bidding price is transparent.
A new federal buyer’s Rights Act will ban “blind bidding” (blind bidding), in which buyers who compete for the same property often don’t know how much someone else is offering. The legal right to inspect houses will be established to ensure “total price transparency” so that potential buyers can understand the history of recent home sales prices and require real estate agents on behalf of buyers and sellers to disclose more information. banks are also required to extend mortgages for six months to the unemployed.
5. Foreigners are prohibited from buying houses in the next two years.
In line with the Conservative commitment, the liberal government will also ban foreigners from owning Canadian homes for the next two years, a measure aimed at curbing rampant property speculation driven by offshore funds.
6. Levy vacancy tax on non-resident houses and land.
In addition to the ban, Mr Trudo said he would expand the upcoming tax on vacant homes owned by non-residents and non-Canadians to include vacant land owned by foreigners in big urban areas.
7. Levy “property speculation tax”
The Liberal Party will also impose an “anti-speculation tax” (anti-flipping tax) on residential properties, which will require properties to be held for at least 12 months or face heavy taxes.
Asked whether today’s announcement of the new measures is equivalent to the Liberal Party’s recognition that the existing national housing strategy is ineffective, Trudo said that the government’s plan for 2017 will help expand affordable housing, but it is clear that more needs to be done.
According to the Vancouver Sun, Liberal Party spokesman Alex Wellstead told Postmedia: “the new housing plan is to solve the problems faced by many of our middle-class families. The previous long-time work was to help low-income families through the national housing strategy and affordable housing.” For many people, it’s a matter of affordability. ”
1.4 million new homes will be market-priced houses, town houses and condos designed to help the “disappearing middle class” (missing middle), a large number of ordinary people trying to break into the housing market. In addition, the plan to build a new house requires cooperation with municipal governments.
According to Wellstead, the Liberal Party’s ban on foreign home ownership will restrict foreign buyers from owning property in Canada and will be enforced through stricter safeguards to identify themselves during the purchase process.
In addition to the tax on vacant houses owned by foreigners, which will take effect in January 2022, the Liberal Party will also introduce a new tax on vacant properties owned by foreigners, as well as a bill of rights for property owners. to protect buyers from predatory activities in the real estate market.