Party Platforms & Commitments

Below are the currently released federal party platform issues related to home buying in Canada.

  • 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.
  • 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-Canadian.
  • Retrofit 1.5 million homes over the next five year by giving interested homeowners a free energy audit and interest-free loan of up to $40,000 for retrofits based on the results of the audit, with a cash incentive of $250-$750 going to those who cut energy waste. (PDF)

  • Provide a Net Zero Homes Grant of up to $5,000 for newly built homes that are certified zero-emissions. (PDF)

  • Read the Liberal announcement here

  • Fix the mortgage stress test to ensure that first-time homebuyers aren’t unnecessarily prevented from accessing mortgages and work with OSFI to remove the stress test from mortgage renewals to give homeowners more options.
  • Increase amortization periods on insured mortgages to 30 years for first-time homebuyers to lower monthly payments.
  • Launch an inquiry into money laundering in the real estate sector and work with our industry partners to root out corrupt practices that inflate housing prices.
  • Make surplus federal real estate available for development to increase the supply of housing.
  • Create a two-year Green Homes Tax Credit for homeowners to help pay for energy-saving renovations. Canadians will be eligible to receive a 20% refundable credit on their income tax for green improvements to their homes of over $1,000 and up to $20,000.
  • Buyers: Re-introduce 30-year terms to CMHC insured mortgages on entry-level homes for first time home buyers.
  • Buyers: Will give people help with closing costs by doubling the Home Buyer’s Tax Credit to $1,500.
  • Co-Housing: Resources to facilitate co-housing, such as model co-ownership agreements and connections to local resources, and ease of access to financing by offering CMHC backed co-ownership mortgages
  • Money Laundering: We will work with the provinces to create a public beneficial ownership registry to increase transparency about who owns properties and require reporting of suspicious transactions in order to help find and stop money laundering.
  • Environment: We will set a target of retrofitting all housing stock in Canada by 2050, providing low-interest loans repayable through energy savings to pay for home upgrades like insulation, windows, heat pumps, and other renewable technologies.
  • Construction: We’ll improve the National Building Code to ensure that by 2030 every new building built in Canada is net-zero energy ready.
  • Foreign Ownership / Market Control: We’ll put in place a Foreign Buyer’s tax on the sale of homes to individuals who aren’t Canadian citizens or permanent residents.
  • Foreign Ownership / Market Control: We will put in place a 15 percent foreign buyers tax on purchases of residential property by foreign corporations or people who are not citizens or permanent residents.
  • Retrofit all housing stock in Canada by 2050 by providing low-interest loans repayable through energy savings to pay for home upgrades like insulation, windows, heat pumps, and other renewable technologies.
  • Read the entire NDP platform here
  • Eliminate the First-Time Home Buyer Incentive;
  • Re-focus the core mandate of Canada Mortgage and Housing Corporate (CMHC) on supporting the development of affordable, non-market and cooperative housing, as opposed to its current priority of supporting Canadian lenders to de-risk investment in housing ownership. With many housing markets demonstrably overvalued, and home ownership rates among the highest in the world, individual home ownership should not be the preoccupation of a public service housing agency and a national housing strategy.
  • Finance building retrofits and installation of renewable energy technologies such as solar and heat pumps through direct grants, zero-interest loans and repayments based on energy/cost savings.
  • Change the national building code to require new construction to meet net-zero emission standards by 2030 and work with the provinces to enact it.
  • Read the Green party platform here (pdf)