With a home supply shortage, increased interest rates and a high cost of living, owning a home is not in many Canadians’ foreseeable future. Thanks to fewer homes available for sale, interprovincial and international migration and other factors, competition between buyers is fierce, which drives prices up.
This issue persists on different levels across the country, and no single government is responsible for the answer — it must be a collective effort. With this in mind, Zoocasa reports on each political party’s proposals for addressing Canada’s housing challenges.
The Liberal Party
The Liberals are championing the Housing Accelerator Fund, a $4-billion plan to stimulate housing supply in major cities. The fund encourages streamlined zoning and permitting processes, aiming for 100,000 new middle-class homes by 2024-2025. Several Ontario cities, including London, Vaughan and Burlington, have joined the program.
The Liberals also promise to eliminate GST on new rental housing and identify vacant properties for conversion. The party’s Canadian Mortgage Charter is proposed to aid homeowners in accessing relief measures.
The Conservative Party
In contrast, the Conservative Party aims to boost homebuilding by penalizing cities not meeting annual construction targets. The plan requires a 15 per cent increase in homebuilding annually, with the risk of losing federal funding for non-compliance.
The Conservatives also pledge to eliminate GST on affordable apartment housing, targeting properties with below-market median rent. Their approach involves removing bureaucratic hurdles and necessitates pre-approved permits for dense housing near transit stations.
The New Democratic Party
The New Democratic Party (NDP) prioritizes affordable housing by proposing fast-start funds for co-ops, and social and non-profit housing. They advocate repurposing vacant buildings for student housing and requiring post-secondary institutions to have housing plans for study permits.
The NDP suggests a student housing funding plan with contributions from the federal government, provinces, territories and educational institutions.
The Green Party
The Green Party focuses on a “people-first” housing approach, proposing a guaranteed minimum income to address poverty and enhance affordability. They aim to double the social housing stock, emphasizing the right to safe and affordable housing for all Canadians.
The Green Party of Ontario specifically targets affordable housing in gentrified areas, supporting renters on the path to homeownership, reducing speculation and promoting 15-minute neighbourhoods.
Read the full report here.
