Tembo Financial August 27, 2021 No Comments

In our final Election 2021 housing blog post, we’re looking at the third party NDP’s platform under leader Jagmeet Singh. As is expected for the housing section of an NDP platform, it starts with building affordable housing. The NDP wants to build 500,000 units of “quality, affordable housing” over 10 years. This will be done by:

“Breaking the logjam that has prevented these groups from accessing housing funding, we will set up dedicated fast-start funds to streamline the application process and help communities get the expertise and assistance they need to get projects off the ground now, not years from now. We’ll mobilize federal resources and lands for these projects, turning unused and under-used properties into vibrant new communities.”

In addition, the NDP will waive the federal portion of the GST/HST on the construction of new affordable rental housing units as a “quick, simple” change to help get more units online.

Like the Liberals, the NDP will double the first-time Home Buyer’s Tax Credit, and will reinstate 30 year mortgages, as are widespread in the United States, to lower monthly costs. Finally, the NDP will tackle speculation by implementing a 20% Foreign Buyer’s tax on the sale of homes to individuals who aren’t Canadian citizens or permanent residents. The party also promises to tackle speculation and money laundering, as the other two major parties.

The NDP’s housing proposals are the least detailed and most concise of the two parties, but this could be an advantage in getting their message across to the public. You can read more here.

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