Every Canadian deserves a place to call home, says Sudbury federal Liberal candidate Viviane Lapointe. And for many - young people in particular - the dream of owning their own home feels like it’s moving further out of reach.
“For too many people, owning a home doesn’t feel attainable,” Lapointe said. The Liberal government’s new housing plan: A Home. For Everyone. changes that.
“This plan tackles the three major barriers for young people and families – affordability, supply and a level playing field,” Lapointe said, in a press release.
“People want a future where they live. My two children who are in their 20s have chosen to stay in Sudbury. It’s where they want to live and raise their kids,” said Lapointe. “This housing plan gets us there.”
She says the Liberal plan will:
• Help renters become owners by committing $1 billion in loans and grants to develop and scale up rent-to-own projects with private, not-for-profit, and co-op partners, creating a pathway to home ownership for renters in 5 years or less.
• Help young Canadians afford a down payment faster by introducing a tax-free First Home Savings Account, which will allow Canadians under 40 to save up to $40,000 toward their first home, and withdraw it tax-free to put toward their purchase, with no requirement to repay it. This would allow young Canadians to set aside 100% of every dollar they earn up to $40,000
toward the most important investment they will make in their life. Tax-free in, tax-free out.
• Make the First Time Home Buyer Incentive more flexible to give Canadians the option of a deferred mortgage loan, as an alternative to the current shared equity model, and reduce their monthly mortgage costs.
In addition, the Liberal plan will build on financial incentives to municipalities with another $4 billion to build and repair affordable housing more quickly, and $600 million in incentives to help commercial property owners convert buildings to residential, the press release said.
“All in all, our housing plan will save a family buying their first home as much as $30,000,” Lapointe said. “We are also creating better supports for rental housing with more than a 50% increase to the National Housing Fund.”
“This is the most significant investment in housing ever made by any federal government in 40 years. This is the Liberal government’s Build Back Better plan in action.”