Vote-rich, house-poor: How the federal parties plan to improve GTA housing affordability
As Election Day nears, CTV News Toronto is taking a deeper look into the issues that matter most to local voters, breaking down the party promises as they apply to Battleground: GTA.
THE ISSUE
The semi for sale on Coxwell Ave. needs work; the listing highlights its “strong bones” as an opportunity to renovate. But the small home, a prospective gut-job, will likely fetch a million dollars for its sellers.
“It’s run of the mill here, it’s run of the mill in Markham, it’s run of the mill in Newmarket—the GTA,” neighbour Sean Keay says of the price tag, as he eyes the exterior from the sidewalk.
“For buyers, it is very difficult,” broker Shabana Raja told CTV News Toronto.
“The supply and demand is just out of balance.”
Meanwhile, a few blocks away, housing advocates picket in front of a future market-condo site, calling on federal election candidates to do more to build affordable housing for those in need.
“It’s something that’s been bad for a long time and is just continuing to get worse,” protester Ryan Murdock said.
“Each level of government loves to say that they’re powerless to affect things when they all have things that they could do.”
“It’s really difficult,” Raja agrees. “We need to really change up things to make it more affordable for just the average person.”
THE BACKGROUND
As the average home price in Toronto hovers around the million-mark, the region’s affordable housing crisis continues to worsen. In an appeal to the vote-rich but house-poor GTA, the federal candidates are pitching various strategies to increase housing supply, assist first-time buyers, and limit foreign investment.
THE LIBERAL PROMISE
“We’ll crackdown on the predatory speculators that stack the deck against you,” Liberal leader Justin Trudeau pledged as part of his housing platform.
He says his party would ban foreign ownership of new homes for the next two years and spend $4 billion to build or revitalize 1.4 million homes over the next four years.
The Liberals would introduce a tax-free savings account to allow Canadians under 40 to save up to $40,000 towards their first home, double the first-time homebuyers tax credit and cut Canada Mortgage and Housing Corporation (CMHC) insurance rates by 25 per cent.
They would also commit $1 billion in loans for rent-to-own projects and invest $2.7 billion in a co-investment fund for affordable housing.
THE CONSERVATIVE PROMISE
“We will ban foreign investors from purchasing homes here if they don’t intend to live in or move to Canada,” Conservative leader Erin O’Toole declared on the campaign trail.
That foreign ownership ban would be in place for two years under a Conservative government.
The Conservatives have also pledged to build a million homes over the next three years to increase supply and release 15 per cent of federal real estate for housing.
O’Toole’s Tories would also support seven-to-10-year mortgages, making changes to the mortgage stress test to help more Canadians qualify for financing, extending the ability to defer capital gains tax when selling a rental property and reinvesting in a rental, and increase the limit on eligibility for mortgage insurance.
THE NDP PROMISE
“We want to get big money out of housing, particularly when it comes to buying your first home,” the New Democratic Party leader Jagmeet Singh said on Aug. 26
An NDP government says they would introduce a 20 per cent tax on the sale of homes to foreign buyers and double the first-time home buyer’s tax credit.
The party has also pledged to build half a million units of affordable housing over the next ten years and waive the federal portion of the GST/HST on the construction of affordable rentals.
The party has promised to re-introduce 30-year terms to CMHC-insured mortgages on entry-level homes for first-time home buyers, offer CMHC-backed co-ownership mortgages and Implement a $5,000-rental subsidy for those struggling to make rent.
THE GREEN PROMISE
“We need to declare housing and homelessness as national emergencies and twin crises,” Green Party leader Annamie Paul pledged on the campaign trail.
The Greens are promising to implement an empty home tax on foreign- and corporate-owned vacant properties and restore tax incentives for building purpose-built rental housing.
The party says they would also invest in the construction and operation of 50,000 supportive housing units over 10 years, building and acquiring 300,000 units of affordable non-market, co-op and non-profit housing over a decade.
Paul’s party would also require that 30 per cent of housing developments that receive federal funding be deeply affordable or available to those with special needs.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.