Justin Trudeau’s Liberal Party gained re-election September 21, 2021 and will lead Canadians in the forty-fourth parliament for the next eighteen months with a minority government.
What Does This Mean for RAHB?
- Introduce First Home Savings Accounts for Canadians under 40 to save up to $40,000 toward their first house; deposits and withdrawals will be tax-free
- Allocate $1 billion in grants and loans to develop rent-to-own projects
- Include the option of a deferred mortgage loan to the First Time Home Buyer Incentive
- Reduce the price of home insurance by the Canada Mortgage and Housing Corporation by 25 per cent
- Double the Home Buyers Tax Credit claim amount to $10,000
- Spend $2 billion on Indigenous housing
- Build, preserve or repair 1.4 million homes in four years by putting $4 billion in a Housing Accelerator Fund to support municipalities’ housing efforts; increasing the funding to the National Housing Co-investment fund to $2.7 billion over four years; and introducing a Multigenerational Home Renovation tax credit for families adding secondary units for relatives
- Introduce a Home Buyers’ Bill of Rights that will ban blind bidding, create a legal right to a home inspection and ban new foreign ownership of homes for two years
- Have landlords report rent received before and after renovations and impose a surtax on “excessive” rent to stop renovictions
- Introduce a national tax of one per cent annually on the value of non-resident, non-Canadian owned residential real estate that is vacant or underused
- Create an anti-flipping tax for residential properties sold less than 12 months after purchase
- Reallocate $300 million from the Rental Construction Financing Initiative to help convert excess commercial property to rental housing