How does your party intend to support first-time home buyers and new Canadians who are struggling to find affordable housing that meets their needs?
New Democrats know that for young people and new Canadians, owning their own home feels more and more out of reach. We’ll reintroduce 30-year terms to CMHCinsured mortgages on entry-level homes for first time buyers. We’ll also give people a hand with closing costs by doubling the Home Buyer’s Tax credit to $1,500. Finally, we’ll create a foreign buyers’ tax to crack down on the speculation that is driving home prices out of reach for young people and new Canadians.
The mortgage stress test is impacting individuals and families in your riding. What adjustment do you feel should be implemented to address the negative consequences?
The NDP is open to review of the “stress test” to understand the full impact and consequences for first -time homebuyers. While improving access to first-time homebuyers is crucial, we also value the importance of having vigilant mortgage underwriting standards. Finding that right balance will be both prudent and meaningful for those accessing property.
Housing supply continues to be a significant issue in many markets across the country. What should the federal government do to help with housing supply issues?
We need to take urgent action now to build affordable places to live in communities across the country. That’s why a New Democrat government will build 500,000 affordable homes in the next ten years. We’ll do it by working in partnership with provinces and municipalities, build capacity for social, community, and affordable housing providers and co-ops. In order to kick-start the construction of co-ops, social and non-profit housing. We will set up dedicated fast-start funds to streamline the application process and help communities get the expertise and assistance they need to get projects off the ground today, not years from now. We will also spur the construction of affordable homes by waiving the federal portion of GST/HST on the construction of new affordable homes – a simple change that will help get new units built and keep them affordable for the long term.
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