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September 7th, 2021

Trudeau can’t excuse his broken promises on housing

Today, Justin Trudeau said "housing is a complex issue” while making excuses for his housing record.

It takes time. It takes a sustained effort over several years to get results,” he said. But he hasn’t even done the things he’s promised:

  • He broke his promise to bring in a speculation tax in 2020.
  • The PBO found that the National Housing Co-Investment Fund has only spent half of the funds Trudeau promised it would.
  • He gives millions to big developers through the CMHC that build units that don’t fit the CMHC’s own definition of affordable.
  • He says he’s against home flipping, while running a candidate who has flipped 42 homes since 2005.

Jagmeet’s housing plan includes:

  • Taxing home-flippers by increasing the taxable amount of their capital gains profits from 50% to 70%;
  • A 20% Foreign Buyers’ Tax to curb foreign speculation;
  • Doubling the first-time homeowner’s credit and turning it into a rebate so first-time homebuyers get it immediately;
  • Creating 500,000 new homes families can actually afford over 10 years.
  • Kicking in fast-start funds to help communities get their own projects off the ground quicker;
  • Seeing 1.7 million homes built, renovated, and preserved over the next four years;
  • Waiving the federal portion of the GST/HST on the construction of homes that are affordable;
  • Up to $5,000/year in help for renters struggling to make payments;
  • Protect renters from renoviction by tightening CMHC rules;
  • Using available federal land to build housing, not sell it to rich investors.