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Experts say the consensus reflects the growing housing situation in Canada, which affects everyone, including potential homeowners who feel they are being squeezed out of the market, as well as low-income families struggling on comfortable housing’s waiting list.
Jeff Morrison, executive director of the Canadian Housing and Reconstruction Association, said: “your position in the housing market is not important, the important thing is that the country’s housing is in crisis.”
So, let’s take a look at what kind of policies the federal political parties plan to implement.
The Liberal Party has not yet announced its election platform, but it has released a budget for 2021. In the budget, the Liberal Party doubled the budget required for the National Housing Strategy (National Housing Strategy) to be launched in 2017.
The budget promises to spend C $2.5 billion to build 35000 sets of comfortable housing, of which C $1.5 billion will be spent on the government’s Rapid Housing Program (rapid housing initiative). The plan aims to build comfortable housing faster than usual.
The Liberal Party also proposes to levy taxes on underutilized (underused) housing.
The Conservative Party said in its election platform that it planned to build 1 million houses within three years, convert at least 15 per cent of federal property into housing, and develop an aboriginal housing strategy.
The Tories also plan to ban foreign investors who do not live in or emigrate from buying homes for at least the next two years.
The Tories want to encourage the provision of 7-to 10-year mortgages and adjust stress tests and insurance requirements to make it easier for people to qualify for loans.
At the heart of the New Democratic Party’s campaign platform on housing is a proposal to build 500000 units of comfortable housing over the next 10 years.
The new democratic party also proposes to impose a foreign buyer tax of 20% on the price of a house for individuals who are not Canadian citizens or permanent residents.
To help potential buyers enter the housing market, the party proposed a 30-year mortgage insured by the Canadian Mortgage and Housing Corporation.
The Green Party has not yet released its 2021 election platform, but it recently advocated that the federal government use the latest calculation formula to redefine comfortable housing’s application conditions.
The Greens also proposed stricter regulation of foreign investors in the housing market and a federal vacant housing tax (empty home tax), which applies to foreign owners and business owners who own vacant homes.
As can be seen from the above, all four federal political parties have plans to crack down on house prices. Restrictions on foreign buyers and a tax on vacant housing are two common measures.