ELECTION 2019: How would the major parties address Canada’s housing crisis?

ELECTION 2019: How would the major parties address Canada’s housing crisis?

Promises include speculation taxes, more affordable housing, and declaring housing a human right

Black Press Media has taken an in-depth look at three major issues in the 2019 federal election campaign: energy and climate change, taxation and the economy, and housing. Our final piece: housing

Young Canadians are spending 30 per cent or more of their incomes on housing. Mortgages in major cities are necessitating down payments that require decades of saving. The national vacancy rate for apartments has hit a 10-year low.

Canada’s housing crisis is even more dire for the tens of thousands of people experiencing homelessness. Some people are in tent cities. Shelters are struggling to support the demand. And supportive housing meant to get people off the streets and onto the path of opportunity are opening with wait lists.

Housing affordability has featured prominently throughout the federal election campaign so far. Here is a comparison of what the parties are offering.

READ MORE: NDP leader Singh promises action on affordable housing after winning byelection

Another Justin Trudeau government would continue with its 10-year, $40-billion National Housing Strategy announced in 2017. The Liberals would move forward with the First-Time Home Buyer Incentive, which gives people up to 10 per cent off the purchase of their first home, and would increase the qualifying value to nearly $800,000 in places where houses cost more, like Vancouver and Toronto.

To limit speculation, the Liberals are pledging to tax vacant residential properties owned by non-residents.

Conservative leader Andrew Scheer has announced he would “fix” the mortgage stress test so first-time buyers are not “unnecessarily prevented” from getting mortgages. If elected, he would also increase amortization periods on insured mortgages to 30 years for first-time homebuyers in an effort to lower monthly payments.

The party would also save $300 million by cancelling the Liberal Housing Supply Challenge, a program that invites communities to propose initiatives that break down barriers limiting new housing.

READ MORE: Trudeau targeted in English leaders’ debate

NDP leader Jagmeet Singh vows to build 500,000 affordable homes over 10 years, with a $5-billion injection, and try to ease speculation with a 15-per-cent foreign buyers’ tax.

The New Democrats would also remove the GST on new rental units, double the Home Buyer’s Tax Credit to $1,500, and, like the Conservatives, re-introduce 30-year terms to allow for smaller monthly payments on insured mortgages.

Green leader Elizabeth May would build 25,000 new and 15,000 rehabilitated units annually for the next 10 years, appoint a Minister of Housing, and introduce a law to declare housing a human right.

She would also refocus the Canada Mortgage and Housing Corporation on developing affordable and co-op housing, rather than facilitating the ownership of individual homes, and eliminate the first-time home buyer grant.

The People’s Party of Canada has not released any housing-specific policies as of Oct. 15.

Check out our previous stories in this series:

ELECTION 2019: Have Justin Trudeau’s Liberals really cut middle-class taxes?

ELECTION 2019: Climate strikes push environment to top of mind for federal leaders



karissa.gall@blackpress.ca

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

(Phil McLachlan - Capital News)
Kelowna fire crews quickly knock down blaze inside home

The fire was reported around 9:30 p.m. inside a suite attached large home

(Phil McLachlan - Capital News file)
Update: Glenmore Rd reopens after ‘serious’ high-speed collision

Collision occured at 2910 Glenmore Road North, at approx. 2:30 p.m.

COVID-19. (Image courtesy CDC)
47 new COVID-19 cases in Interior Health region

1,538 total cases, 399 are active, ten in hospital

Cantina closed due to COVID. Instagram.
Cantina Kelowna closes due to COVID-19 case

The restaurant will be closed until Dec. 10

(Google Maps)
Update: COVID-19 case confirmed at CNB Middle School

Two exposures at Kelowna schools have been confirmed today, Nov. 27

A woman wears a protective face covering to help prevent the spread of COVID-19 as she walks along the seawall in North Vancouver Wednesday, November 25, 2020.THE CANADIAN PRESS/Jonathan Hayward
911 new COVID-19 cases, 11 deaths as B.C. sees deadliest week since pandemic began

Hospitalizations reach more than 300 across the province

Black Press Media and BraveFace have come together to support children facing life-threatening conditions. Net proceeds from these washable, reusable, three-layer masks go to Make-A-Wish Foundation BC & Yukon.
Put on a BraveFace: Help make children’s wishes come true

Black Press Media, BraveFace host mask fundraiser for Make-A-Wish Foundation

Summerland residents have been receiving a telephone scam with the number showing as the telephone number of the local RCMP detachment. (Black Press Media files)
Summerland RCMP telephone number spoofed in scam calls

Number used in scam attempts from tax agency

(Village of Lumby photo)
Mysterious, loud ‘boom’ shakes North Okanagan residents

Village staff, Earthquakes Canada aren’t sure what caused the explosion-like sound

Clarence Fulton students collect cash and non-perishable food donations for families in need in their community Friday, Nov. 27. (Jennifer Smith  - Morning Star)
North Okanagan students collect food for families in need

Annual event to support nine school families this year

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Take a break from the slopes to discover the rich culture and diversity of Vernon. Michelle Beaudry photo, courtesy Tourism Vernon.
Tourism Vernon could see 40% cut to budget due to COVID-19

New approach to help residents and visitors activate their adventures

Follow public health recommendations, says Interior Health as COVID-19 cases continue to climb in Revelstoke. (Image courtesy CDC)
Revelstoke positive COVID cases grows to 29

Interior Health announced a cluster in the community on Nov. 26

Screenshot of Pastor James Butler giving a sermon at Free Grace Baptist Church in Chilliwack on Nov. 22, 2020. The church has decided to continue in-person services despite a public health order banning worship services that was issued on Nov. 19, 2020. (YouTube)
2 Lower Mainland churches continue in-person services despite public health orders

Pastors say faith groups are unfairly targeted and that charter rights protect their decisions

Most Read