Liberals win minority in federal election

  10/22/2019 |   SHARE
Posted in Canadian Housing Market by Vanguard Realty | Back to Main Blog Page

The Liberal Party of Canada is slated to form a minority government after winning Monday’s election.

Here’s a look at the promises on housing the party made to help them get re-elected:

• The Liberal government will expand housing incentives in Greater Vancouver and Greater Toronto Area markets, as a result the value of a qualifying home will go from 500,000 to nearly 800,000.
• The Liberal government will introduce a 1% annual tax on residential properties owned by “people who are not Canadian” and those who do not live in Canada. This tax does not affect permanent residents or Canadians living abroad.
• The Liberal government will retrofit 1.5 million homes, over the next five years, to help Canadians make their homes more energy efficient and better protected from climate-related risks, like flood damage and wildfire. This program will be located within the Canada Mortgage and Housing Corporation (CMHC);
• The Liberal government will give interested homeowners and landlords a free energy audit;
• The Liberal government will give homeowners and landlords an interest-free loan of up to $40,000, based on the results of the audit:
  • This means Canadians can invest more into their retrofits, and cut more off their bills and energy waste;
  • The loan can be paid back over ten years through a CMHC insured mortgage, bank loan, or in partnership with a utility company, through energy savings on monthly bills.
  • Those who proceed with the loan will receive a cash incentive of $250-$750, with the higher amount going to those who cut the most energy waste;
• The Liberal government will create a Net Zero Homes Grant of up to $5,000 to help buyers of newly built homes that are certified zero-emissions. This will help reduce the price differential on zero-emission homes and encourage more zero-emission homes to be built;
• The Liberal government will invest $100 million in skills training, to ensure there are enough qualified workers to keep up with the increased demand for energy audits, retrofits, and net-zero home construction;
• The Liberal government will make Energy Star certification mandatory for all new home appliances, as of 2022; 
• The Liberal government will help homeowners, who are at high risk of flooding and don’t have adequate insurance protection, by creating a low-cost national flood insurance program through CMHC.
• The Liberal government will help Canadians better understand the risks they face when buying a home by working with provinces and territories to complete all flood maps in Canada and making these maps available through an online database. We will invest $150 million toward this initiative over the next three years.
• The Liberal government will develop a national action plan to assist homeowners with potential relocation for those at the highest risk of repeat flooding, by working through CMHC and in collaboration with provinces, territories and communities.

Election Promises, Foreign Buyers Tax