Where the parties currently stand on Housing Affordability- Federal Election 2019
Date Posted: October 8, 2019
As we approach the half-way mark of campaign season for the upcoming federal election this month, Mortgage Professionals Canada has gathered the latest campaign pledges from the major political parties.
A quick summary of the party platforms can be found below, in order of caucus size in the last parliament:
- Increase maximum household income for the FristTime Home Buyer Incentive in Greater Vancouver, Victoria, and Toronto to $150,000 while also increasing the maximum household income qualifier from 4x to 5x in those same regions.
- Introduce a 1% annual vacancy and speculation tax on applicable residential properties owned by nonresidents and non-Canadians.
- Adjust the mortgage stress test to ensure firsttime buyers aren’t unnecessarily prevents from accessing mortgage and work with regulators to remove stress tests from mortgage renewals.
- Increase amortizations for insured mortgages to 30 years for firsttime buyers
- Undertake study of mortgage stress test qualifying rate.
- Look to create an exemption process for borrower looking to change lenders at renewal.
- Reintroduce 30-year amortization for insured mortgages for first time home buyers.
- Introduce green energy renovation program.
- Allow access to RRSP funds for victims of natural disasters for repairs and rebuilding homes.
- End firsttime home buyer programs and focus on affordable housing.
- Create a Coop Housing Strategy to update how co-op housing is financed.
- Appoint a Minister of Housing.
To read more from the highlights and further detailed party statements, check out the article from Mortgage Professionals Canada here.