Today is election day in Canada, and it will likely turn out to be one of the most important elections in years. Buzz has been building for months, and heated debates have been going on online for weeks now. If you haven't cast your ballot yet, here's a look at where the major political parties stand on housing.
- A permanent home-renovation tax credit: applies $5,000 worth of renovation costs, down from $10,000 in 2009.
- First-time homebuyers can withdraw $35,000 tax-free from RRSPs to finance home purchases.
- Aim to create 700,000 new homeowners by 2020
- Helping retrofit over 50,000 homes and apartment buildings
- Investing in flood mitigation and disaster preparedness
- Prioritize investments in affordable housing and seniors’ facilities, build more new housing units and refurbish old ones
- Update existing Home Buyers’ Plan to allow Canadians impacted by sudden and significant life changes to buy a house without tax penalty
- Review escalating home prices in high-priced markets
- Create a national housing strategy
- More funding for the co-operative housing sector
- Ensure a percentage of all newly built units are reserved for affordable housing
For more information on the federal election and housing issues, check out this great article on CREBnow. Don't forget to get out and vote today!