Finance Minister Bill Morneau gave a speech in Aurora, Ont., where he asked if Ottawa has any plans to help first time-buyers. Morneau said the Trudeau government is looking for ways to make home-buying more affordable first-time buyers.
Housing is expected to be a prominent campaign issue ahead in October’s federal election. The Liberal government has focused on three housing-related issues: Canada’s shortage of affordable housing, a run-up in real estate prices and ensuring millenials can afford homes.
He stated that the Federal government has already taken steps to increase the supply of affordable housing and to cool the hottest markets by introducing stress tests that limit some people’s ability to take out big mortgages.
According to the Toronto Real Estate Board, the average price for all types of housing there was $810,000 in December. Detached homes were going for more than $918,000. Conservative MP Karen Vecchio argued in a statement Tuesday that Trudeau government policies, including it’s carbon tax, have made housing less affordable.
NDP Leader Jagmeet Singh proposed measures he insisted will help build 500,000 new affordable housing units across Canada over the next 10 years. He said Ottawa should stop applying GST to the cost of building new affordable units, provide a subsidy to renters who spend more than 30 per cent of their incomes on housing and double a tax credit for first-time home-buyers from $750 to $1,500.
In 2015, Liberals promised to enhance the popular Home Buyer’s Plan which enables first-time buyers to borrow up to $25,000 tax-free from their registered retirement savings to purchase a new home. The amount musst be repaid within 15 years. And in 2017, they unveiled a 10-year, $40-billion national housing strategy which the government has billed as a plan that will provide more social housing and affordable renting units.
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