The 2015 Federal Election is scheduled for October 19, 2015.
Here is a brief overview of what the federal parties are saving about home ownership. For more information on the federal election please log on to the REALTOR® Action Network.
Conservative Party of Canada
If elected, the Conservatives would:
- Introduce a new, permanent Home Renovation Tax Credit. This plan would be phased in during the 2016-17 fiscal year (depending on Canada’s economic conditions).
- Increase the Home Buyers’ Plan withdrawal limit from $25,000 to $35,000.
- Collect data on foreign buyer activity in Canada’s housing market.
- Aim to increase Canada’s home ownership rate to approximately 72.5 percent.
New Democratic Party of Canada
If elected, the New Democrats would:
- Build 10,000 affordable housing units in addition to maintaining and strengthening existing social housing stock.
- Help communities invest in infrastructure by transferring an extra cent of the existing gas tax to municipalities.
Liberal Party of Canada
If elected, the Liberals would:
- Allow Canadians impacted by sudden and significant life changes to access the Home Buyers’ Plan and use money from their Registered Retirement Savings Plan to buy a house without tax penalty.
- Collect data on Canadian housing to determine if speculation is driving up the cost of housing and survey tools to keep home ownership within reach for more Canadians.
- Invest in social infrastructure including affordable housing and seniors facilities. They would build more housing units, maintain and fix existing stock and provide more operational funding support for municipalities. They would also renew support for Housing First to help homeless Canadians find stable housing.
- Increase the new residential rental property rebate on GST to 100% to help incentivize developers build new, affordable rental properties.
To ensure you’re registered to vote or confirm your electoral district please visit Elections Canada.