What is each political party promising in the upcoming election?
- On the mortgage “stress test”: they want to review the “stress test” for first-time buyers.
- Also look into money laundering
- On mortgage amortization periods: raise the amortization limit to 30 years for all insured mortgages.
- On affordable housing units: build 100,000 affordable homes over the next 10 years.
- On the First-Time Home Buyer Incentive: expand this program to homes priced around $500,000 to $800,000.
- On foreign owners: implement a 1% tax on vacant homes.
The New Democratic Party:
- On affordable housing units: build 500,000 affordable homes over the next 10 years and waive the federal portion of GST/HST when constructing affordable rental units.
- On mortgage amortization periods: raise the amortization limit to 30 years for entry-level homes for first time buyers.
Disclaimer: Information regarding each political party was taken from each party’s respective websites. This does not represent Fivewalls beliefs in any way.