What the Liberal Party would do for our industry
The Liberals have focused on rental, affordable and seniors' housing policies
By Steve Payne
The Liberals have chosen to focus on rental, affordable and senior housing construction via developers and builders, and home renovation aimed at ‘change of life’ events:
*Pledge $125 million per year in tax incentives for landlords and developers to build and renovate rental units in order to make investment in affordable housing and residences for seniors.
*Increase the new residential rental property rebate on the GST to 100 percent, eliminating all GST on new capital investments in affordable rental housing.
*Direct the Canada Mortgage and Housing Corporation and the new Canada Infrastructure Bank to provide financing to support construction by the private sector, social enterprises, co-ops, and the not-for-profit sector of new, affordable rental housing for middle- and low-income Canadians
*Modernize the existing Home Buyers’ Plan to help more Canadians finance the purchase of a home and by allowing Canadians impacted by sudden and significant life changes, such as job relocation, the death of a spouse, marital breakdown, or a decision to accommodate an elderly family member, to access and use money from their Registered Retirement Savings Plan to buy a house without tax penalty.