August 19, 2021
Ottawa, ON – Today, the Hon. Erin O’Toole, Leader of Canada’s Conservatives, announced his plan to tackle the housing crisis by building a million homes over the next three years and stopping foreign money from pushing up home prices.
“We have a housing crisis in Canada,” said O’Toole. “The supply of homes – to own as well as to rent – is not keeping up with our growing population and too many foreign investors are sitting on properties as investments. As Prime Minister, I will ensure we build and make more affordable housing options available for Canadians first.”
With Canada’s Recovery Plan, Canada’s Conservatives will increase the rate of home construction to build a million homes over the next three years and make homes more affordable by:
- Reviewing the extensive real estate portfolio of the federal government – the largest property owner in the country with over 37,000 buildings – and releasing at least 15 per cent for homes.
- Requiring municipalities receiving federal funding for public transit to increase density near the funded transit.
- Encouraging Canadians to invest in rental homes by allowing the deferral of capital gains tax when selling a rental property.
- Banning foreign investors from buying homes here if they are not planning to live in or move to Canada.
- Encouraging foreign investment in affordable purpose-built rental housing for Canadians.
- Providing more Canadians with a path to homeownership by making it easier for more families to get a mortgage.
- Being a reliable partner in addressing the housing needs of Indigenous communities and will implement a ‘For Indigenous, By Indigenous’ home strategy.
“If you and your loved ones can afford to ignore the housing crisis, you have three parties to choose from,” O’Toole said. “But if you want your government to secure a future where you and your family can afford a home that meets your needs, you have one choice: Canada’s Conservatives.”