A Real Plan for the Middle Class

canadians need time build savings buying home rent remains largest household expenses right options people want homeowners leverage rent pay home purchase introduce rent program help make easier renters path home ownership renting commit billion loans grants develop scale rent projects private profit op partners typical rent model individual commits renting property period time option buying locked price end lease allow save downpayment work partners build able set aside portion housing stock rent stream current renters landlords particularly condo settings immediately enter rent agreement design program support projects principles landlord commit charging renter market rate help canadians build savings downpayment landlord commit ownership year term proper safeguards place future homeowner

introduce tax free first home savings account help young canadians afford downpayment faster combining features rrsp tfsa allow canadians save first home withdraw tax free first home purchase requirement repay allow young canadians set aside dollar earn important investment make life funds used home purchase age convert normal rrsp savings represents roughly average home price canada k does work like investing rrsp able deduct savings invest income goes first home savings account like investing tfsa money able compound grow tax free withdraw maximum ensure supports genuine savings first home people need integrity measures place deter tax avoidance stay tax free downpayment stays tax free doesn t counted income tax free tax free

launched first time home buyer incentive fthbi innovative tool allows middle class families looking buy first home size mortgage require turn monthly housing costs fthbi acts second mortgage requirement repay sell home government receiving proportional share increase value recognizing prospective participants want forgo increase equity value elected liberal government allow choose current shared equity approach loan repayable time sale option borrowers pay monthly installment instead payments deferred market rate time sale let increase value home monthly mortgage costs

buying house just first hurdle overcome nbsp ndash closing costs legal fees transfer taxes inspections nbsp ndash cost thousands dollars early ��s ��ll double first time home buyers tax credit pocket make home purchase little bit easier

insurance premiums mortgage purchase price home average canadian home means home buyer paying close premiums life mortgage typically smaller payment premiums puts financial pressure families afford monthly cost buyers price charged canadian mortgage housing corporation mortgage insurance typical person save increase insured mortgage cut million million index inflation reflect today s home prices threshold changed years ago

key barrier slows pace home building stems complex backlogged resourced municipal zoning permitting invest billion housing accelerator fund grow annual housing supply country s largest cities year target middle class homes application based fund offer support municipalities grow housing supply faster historical average approval times help establish inclusionary zoning bylaws encourage transit oriented development funding flexible municipalities need funds capacity surge planners offsets land purchases underlying infrastructure offset policies like inclusionary zoning cities communities build homes faster rewarded fund help speed time takes build homes investing e permitting technology help communities streamline planning process work municipalities program identify vacant underused property converted housing principle use lose nbsp ndash core urban land available housing left vacant unproductive investment property

permanently increase funding national housing investment fund total billion years double current allocation extra funds dedicated helping affordable housing providers acquire land buildings build units extending model operative housing communities accelerating critical repairs housing supply remains affordable lost developing projects vulnerable groups women youth persons disabilities

demand retail office space changed covid landlords particularly major urban cores facing vacancies opportunity property owners communities explore converting excess space rental housing enhancing livability affordability urban communities double existing budget commitment million support conversion office retail space market based housing ��ll convert space federal portfolio commercial buildings work municipalities fast track permits allow faster conversion existing buildings helping maintain vibrancy urban communities

introduce multigenerational home renovation tax credit families wishing add secondary unit home purposes allowing immediate extended family member live families able claim tax credit renovation construction costs provide support help make communities livable bringing families closer able care

work indigenous partners develop urban rural northern indigenous housing strategy ensure indigenous people access safe affordable housing support strategy dedicated investments work indigenous partners national indigenous housing centre indigenous people overseeing federal indigenous housing programs fully realized make additional investments first nations inuit metis nation housing continue work meeting commitment closing gaps indigenous infrastructure

liberal government launched projects work commitment end chronic homelessness reach commitment chronic homelessness outlined budget forward million investment grow efforts nbsp ndash addition billion previously committed support communities country

temporarily ban foreign ownership canadian housing ensure canadians access purchasing homes temporary measure help stabilize housing market coming covid ban foreign money purchasing non recreational residential property canada years unless purchase confirmed future employment immigration years allow work provinces municipalities develop framework regulate role foreign buyers canadian housing market money does deter housing available used canadians outlined budget implementing starting january canada s first national tax non resident non canadian owners vacant underused housing extend include foreign owned vacant land large urban areas

undertake review tax treatment large corporate owners residential properties real estate investment trusts reits increasingly trying amass large portfolios canadian rental housing putting upward pressure rents place policies curb excessive profits area protecting small independent landlords broadly review downpayment requirements investment properties homes live financial asset investment funds speculate

federal oversight housing market establish canada financial crimes agency canada s first national law enforcement agency solely dedicated investigating combatting forms major financial crime including presence money laundering housing market increase power federal regulators respond appropriately housing price fluctuations ensure canadian housing market

establish anti flipping tax residential properties requiring properties held months speculative demand marketplace help cool excessive price growth changes life circumstances example pregnancy death employment divorce disability exempt policy tax introduced rules established ensure sellers subject tax able deduct legitimate investments refurbishment

home buyers rights process buying home fair open transparent include banning blind bidding prevents bidders knowing bids prospective buyers ultimately drives home prices establishing legal right home inspection make sure buyers peace mind investment sound ensuring total transparency history recent house sale prices title searches requiring real estate agents disclose participants transaction involved sides potential sale moving forward publicly accessible beneficial ownership registry ensuring banks lenders offer mortgage deferrals months event job loss major life event requiring mortgage lenders act best fully informed range choices disposal including first time home buyer incentive establishing home buyers rights elected liberal government convene federal provincial regulators develop national action increase consumer protection transparency real estate transactions help renters stop ��renovictions �� deterring unfair rent increases fall outside normal change rent require landlords disclose tax filing rent receive pre post renovation implement proportional surtax increase rent excessive