NDP Outlines Plan to Make Canadian Real Estate More Affordable

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New Democratic Party (NDP) leader Jagmit Singh gestures during a campaign rally in Montreal, Quebec, Canada, October 16, 2019.  REUTERS / Christinne Muschi TPX IMAGES OF THE DAY

New Democratic Party (NDP) leader Jagmit Singh gestures during an election rally in Montreal, Quebec, Canada, October 16, 2019. REUTERS / Christinne Muschi TPX IMAGES OF THE DAY

New Maru’s poll found that rising cost of living and affordability – this is the main question about the elections, which worries Canadians.

The New Democratic Party says it has a plan to tackle a major contributor – housing affordability.

“Every day I hear from young people and their parents worrying that they will never be able to afford a decent home,” said NDP leader Jagmit Singh.

“They can barely afford to pay rent, let alone compete with big investors in the housing market. Justin Trudeau will continue to defend the interests of the super-rich, but I’m ready to make the dream of my own home a reality for everyone. Canadian families “.

The party says it will go for what it calls “big money investors.” with a 20 percent tax on foreign buyers for those who are not Canadian citizens or permanent residents. This is a big jump from the one percent charged on Liberals announced in their budgetwhich starts in January 2022.

The NDP says its plan also includes combating money laundering, making it harder to hide behind unnamed companies and giving regulators more options. The party platform does not detail the measures it will use to achieve these goals.

Also see: The latest real estate news: home prices, mortgage rates, markets, luxury real estate and more from Yahoo Finance Canada.

The party also says it will build 500,000 affordable homes in 10 years.

“We need to kick out big investors to make room for working families and youth,” Singh said.

“No one can win a trade war against deep-pocketed investors who want to make a profit rather than build a neighborhood.”

V The Conservative Party of Canada also says it will fight money laundering and build a million homes. in the next three years.

It also states that he plans to ban foreign ownership for anyone who does not live in Canada or relocate to Canada for a two-year period, which will then be revised. But the NDP claims that this leaves a huge loophole open.

In other words, a foreign speculator can get around the ban by pretending that he plans to move to Canada at some point in the future without providing any details or timing. speculation in real estate “, – said in the message of the NDP.

The NDP also called on liberals to reintroduce 30-year terms for CMHC-insured mortgages on entry-level homes for first-time home buyers.

Jesse Baines is a senior reporter for Yahoo Finance Canada. Follow him on Twitter @jessysbains

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