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The Liberal Party’s housing plan also includes a ban on foreigners from 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.”
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.
In an effort 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.”