Ramesh Sangha

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? 

For many young people starting their careers, saving up enough to make a down payment on a home is a far-off dream at best – and for ten years, Stephen Harper’s Conservatives did nothing to address these systemic problems. In the greater Toronto, Vancouver, and Victoria regions, people are facing these challenges head on, with housing prices up to sixty per cent higher than the national average.

Every Canadian should have a safe, affordable place to call home, but in too many communities, buying a home remains out of reach. The Liberal government has made major progress to change that, making sure people across Brampton Centre have a leg up in buying their first home and helping Canadians lay the groundwork for a better future.

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 Liberal government’s plan to grow the economy and strengthen the middle class is working. It helped Canadians create over 1 million new jobs – most of which being full time positions – and brought the unemployment rate to a 40-year low. Despite that, many Canadians struggle to make ends meet given the high cost of living.
• We have lowered taxes for 9 million Canadians and introduced the Canada Child Benefit that helped 9 out of 10 families and lifted 300,000 children out of poverty.
• We increased the Guaranteed Income Supplement for almost 1 million single seniors.
• We have cut taxes for the middle class.
• Under our plan, a typical middle-class family of four is now $2,000 better off per year than they were under the Harper Conservatives.
• In 2019, we launched the new First-Time Home Buyer Incentive to help middle class Canadians lower their monthly mortgage payments without increasing their down payment.
• The First-Time Home Buyer Incentive will make it easier for Canadians to enter the housing market by providing up to 10% off the purchase price of their first home.
• We will address the issue of foreign speculation which drives up housing costs by putting in place a consistent national speculation and vacancy tax for non-resident, non-Canadians.
• We will ensure middle class Canadians pay no federal taxes on the first $15,000 they earn, saving the average family $585 in taxes each year.
• We will increase Old Age Security (OAS) by ten per cent once they turn 75, putting up to $729 in the pockets of seniors each year.
• We will work with telecom companies to lower the cost of wireless services by 25% over four years.

These actions will allow individuals and families to benefit from a lower cost of living, allowing them the income to purchase homes with less financial risk.

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?

In recent years, housing speculation by foreign owners has become a major challenge, driving up housing prices for people across the country. Canada is not a place for those who wish to purely speculate in the housing market, and we need a national approach to protect families who are being priced out of buying a first home.

A re-elected Liberal government will:

• fully implement the First-Time Home Buyer Incentive, which provides Canadians with up to ten per cent off the purchase price of their first home;
• immediately expand the Incentive to provide more help to communities in the greater Toronto, Vancouver, and Victoria regions by allowing homes valued at up to $789K to qualify;
• address the impact of foreign speculation, which drives up housing costs, by putting in place a consistent national speculation and vacancy tax for non-resident, non-Canadians.

In addition to introducing the First-Time Home Buyer Incentive, our Liberal government also:
• launched Canada’s first-ever National Housing Strategy, a ten-year plan that will help more than 600,000 Canadians find safe and affordable places to live;
• funded the construction of nearly 140,000 more housing units to be built by 2028; and
• created the new Canada Housing Benefit to help 300,000 Canadians with the high costs of rent.

Liberals believe in investing in people and in communities, which is why we are taking these steps to make home ownership an achievable dream, not just a privilege for the richest few.

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