Hamilton, Ontario – A re-elected Liberal government will move forward with a new housing plan: A Home. For everyone.
Canadians see owning a home as key to building their future and joining the middle class. But with rent increasing and housing prices continuing to rise, too many young people don’t see a clear path to affording the same lives their parents had.
“Owning a home shouldn’t be out of reach and renting shouldn’t be so expensive for young Canadians,” said Justin Trudeau, leader of the Liberal Party of Canada. “They shouldn’t be losing bidding wars when they see houses sitting empty next door. Or having to move hundreds of kilometers away from their communities just to pay their rent. They deserve the same opportunities of owning a home, just like past generations – and we have the plan to make it happen.”
A re-elected Liberal government will move forward with a three part housing plan. A Home. For Everyone will:
Unlock Home Ownership: Liberals will help renters become owners and save for a down payment faster, reduce the monthly costs of mortgages, and double the Home Buyers Tax Credit to help young Canadians buy their first home sooner. This plan will save a family buying their first home up to $30,000.
Build More Homes: Liberals will build, preserve, or repair 1.4 million homes in four years to help increase the supply of homes available to Canadians, create jobs, and grow the middle class.
Protect your Rights: Liberals will create a Home Buyers’ Bill of Rights to make the process of buying a home fairer, more open and transparent, and ensure homes are for people and families. Our plan includes banning blind bidding, establishing a legal right to a home inspection, and banning new foreign ownership for two years.
This plan builds on the work that the Liberal government has done since 2015, including:
Helping more than two million Canadians have a safe and affordable place to call home;
Building thousands of new homes, creating jobs, growing the middle class, and reducing chronic homelessness through the National Housing Strategy and Rapid Housing Initiative; and
Introducing the First Time Home Buyer Incentive to help Canadians across the country purchase their first home with only 5 percent of the mortgage down, making home ownership more affordable.
“If we’re going to build a better Canada for everyone, then the deck can’t continue to be stacked against young Canadians,” said Mr. Trudeau. “There’s no silver bullet to making housing more affordable, but we’re the only team with a real plan that will create jobs, grow the middle class, and help ensure Canadians can get a home of their own. We are moving forward — for everyone.”