By: Nathan Lawrence
Well you woke up this morning and it’s a new day…and there is a new Government. Looking back over the last two months of the campaign, here is what our new Majority Liberal Government promised with regards to housing/mortgage market under the leadership of Prime Minister Elect Justin Trudeau.
- They would focus on ensuring that there would be more affordable housing for Canadians. They will work to build new infrastructure or renovate existing housing.
- They would modernize the existing Home Buyers Plan to help Canadians impacted by sudden or significant life changes.
- They would direct CMHC to provide financing programs designed to support the construction of new, affordable rental housing for middle- and low-income Canadians.
- They will conduct a review of escalating home prices in high-priced markets like Toronto and Vancouver.
- They would restore the mandatory long-form census to ensure that decisions on housing are made using the best and most up to date data available.
- They will provide tax incentives to grow and renovate the supply of rental housing across Canada.
Over the next few weeks/months, we will likely start to see additional information about the programs start to roll out as the new Liberal Government transitions into Parliament. For more details about their plans, visit http://www.liberal.ca/realchange/affordable-housing/