Real Estate News

The Federal Election and Provincial REALTOR® Issues

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After what seemed like an interminable federal campaign, Canadians finally had the chance to cast their ballots for Canada’s new government Monday night. The evening concluded with a majority win for the Liberal Party of Canada under the leadership of Justin Trudeau.

So what does the federal election result mean for provincial REALTOR® issues?

For one, Ontarians can expect improved relationships between the federal and provincial leaders. The relationship between former Prime Minister Harper and Premier Wynne was notoriously frosty at best. During the campaign, Premier Wynne was a strong advocate for a federal Liberal government and their new leader.

At the provincial level, the Premier has outlined her four-part plan to strengthen Ontario that includes investing in people’s talent and skills, investing in infrastructure, creating a dynamic environment for business, and building a secure retirement savings plan.

There are many points in the federal Liberal platform that could help the province achieve its goals. They include: commitments to long-term, federal funding for investment in transit; investment in social infrastructure such as affordable housing; working with the provinces to bolster the Canadian Pension Plan; and the creation of the Canadian Infrastructure Bank to provide low-cost financing for local infrastructure projects, making it easier for municipalities to undertake community projects.

If the federal government proves to be a cooperative partner with Ontario and delivers on its promises this could ease up some of the fiscal challenges faced by the provincial government and municipalities alike. More federal funding for transit and infrastructure would remove some of the burden off the other levels of government, reducing the need for municipalities to ask the provincial government for new revenue tools, like the municipal land transfer tax.

Premier Wynne promised to move forward with an Ontario Retirement Pension Plan when the federal government failed to collaborate with the provinces on the CPP. The Premier has suggested she would scrap the ORPP if the federal government enhanced the CPP.

Please continue to visit the blog for more updates on provincial issues.

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