After all the anticipation, it’s all set. Justin Trudeau becomes our new prime minister and the Liberals are a majority government. How will this impact Canada’s housing market? Let’s look at what the Liberal Party have pledged for national housing strategy.
The overall promises from the Liberals are a new home renovation tax credit and a national housing strategy. Here are the outlines of all the promises:
Providing $125 million annually tax incentives for supporting rental housing in Canada and renovation of the current supply.
Financing the construction of new affordable rental housing.
Make the Home Buyers’ Plan available not only to first-time buyers, but also to Canadians who are impacted by sudden and significant life-crisis. These include job relocation, the death of a spouse, divorce, or even the decision to take in an elderly relative.
Keeping homeownership within reach for more Canadians.
Now let’s see what happens.