We know that now more than ever, it is becoming more and more difficult for Canadians to own a home. That has to change.
That’s why the Liberal government is building on previous housing leadership to deliver Canada’s Housing Action Plan.
While Pierre Poilievre’s reckless priorities will tax builders and cut affordable housing investments, the Liberal team’s plan will build more homes, faster.
Canada’s Housing Action Plan includes:
Build More Homes Faster
- Cutting red tape and building more than 100,000 new homes across Canada through the Housing Accelerator Fund.
- Incentivizing cities to build more homes, including for the most vulnerable.
- Repurposing more federal lands to build homes on.
- Removing the GST from new rental housing, including co-operative housing corporations that provide long-term rentals.
- Unlocking low-cost financing for rental construction to build up to 30,000 more homes per year.
- Financing more rental housing by providing loans through the Apartment Construction Loan Program, to help build 30,000 new homes.
- Prioritizing skilled tradespeople for permanent residency.
Protect Renters and Buyers
- Ensuring housing is for Canadians, not corporations.
- Implementing a new Canadian Mortgage Charter to make sure Canadians know their rights to access relief and support when they need it, including:
- Allowing temporary extensions of the pay period for mortgage holders at financial risk.
- Waiving fees and costs that would have otherwise been for relief measures.
- Not requiring insured mortgage holders to requalify when switching mortgage lenders.
- Requiring banks to contact homeowners four to six months in advance of their mortgage renewal to inform them of renewal options.
- Giving at-risk homeowners the option to make lump sum payments or sell their principal residence without any prepayment penalties.
- Not charging interest on interest.
- Moving forward on a Home Buyers’ Bill of Rights.
Help Canadians Buy Their First Home
- Creating a Tax-Free First-Home Savings Account that allows prospective first time home buyers to save up for a home.
- Doubling the First Time Home Buyers’ Tax Credit to provide more support to Canadians buying their first home.
- Supporting rent-to-own projects to help renters become owners.
Ban Foreign Buyers and Cracking Down on Speculation and Short-Term Rentals
- Banning new foreign ownership of Canadian houses for the next two years to ensure Canadians have more access to purchasing homes.
- Establishing an anti-flipping tax on residential properties, requiring properties to be held for at least 12 months, to crack down on speculation.
- Cracking down on non-compliant short-term rentals and supporting municipal enforcement of short-term rental restrictions.