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.