I DON’T HEAR YOU TALK ABOUT CANADA’S ELECTION?
I don’t want to play politics, what I do want IS for YOU to GO AND VOTE.
There maybe a lot of other reasons you will rely on before you vote and for whom. From a real estate perspective note this:
- Conservatives would ease regulations to get new homes built. The party would raise amortization limits to 30 years for CMHC-backed mortgages and change the mortgage “stress test” for first-time buyers. It would implement a 20 per cent green homes tax credit for up to $20,000 spent over two years to pay for energy-saving renovations, and promises a public inquiry examining real estate money laundering.
- Liberals want to build 100,000 affordable homes over a decade and offer first-time home-buyer subsidies of 10 per cent on new home purchases and 5 per cent on resales — with restrictions. They want to retrofit 1.5 million homes for energy efficiency and offer interest-free loans up to $40,000 to make houses weather-resilient. They also want to introduce a 1% speculation tax, higher taxes in general on ‘the rich’ and deficits.
- NDP wants to build 500,000 affordable housing units over 10 years; until then, they propose a rental subsidy. They want to scrap the federal GST/HST for those constructing new affordable units. The party would reintroduce 30-year terms for mortgages insured by the CMHC for first-time buyers. It proposes a 15 per cent surtax on foreign buyers and doubling the home buyer’s tax credit to $1,500.
- The GREEN party proposes building 25,000 new affordable units and renovating 15,000 others. It wants to legislate housing as a “legally protected fundamental human right for all Canadians” and appoint a minister of housing to oversee the National Housing Strategy. The party also wants more resources available for housing co-ops and to scrap the Liberals’ first-time home buyer incentive.
BIG NOTE THIS: The NDP and the Green Party want to eliminate/reduce the capital gains exemption. (NDP to cut exemption in half – the Green Party eliminate it in total.) Oh, Joy! to anyone that is a risk taker.
Whichever way you want to vote – VOTE! Read each parties platform and how their plans will affect you PERSONALLY. One thing is certain, governments around the world are going broke and they will find a way to get their deficits covered by you!
It is my belief that the Liberals, NDP, Green all plan to attack your principal residence exemption (over time). The Liberals have already studied taxing offices in a home for business purposes (covered in my newsletter in 2017, when an Ontario MP pointed it out). That would mean that the percentage of your home a home office occupies (and you can deduct expenses from) would now attract capital gains tax when you sell your home. Already your Lane home is treated as such. (That’s just the start.) The liberals already got a home registry for us to sign last year as a first step.
No matter the outcome, its not ‘happy times’. I forecast at OUTLOOK a minority government. Minorities can work…but this one? Scheer & Trudeau each claiming legitimacy to govern. Singh in a supporting seat with May. The Bloc working under the table with CPC? The West unhappy at all combos. The GG? Economic consequences can be really bad. Tighten up your seat belt – wild ride ahead.