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In Canada, a complex web of factors, including a shortage of available homes, rising interest rates, and a high cost of living, is making homeownership an increasingly distant goal for many. The intense competition among buyers, fueled by interprovincial and international migration, exacerbates the problem, leading to soaring home prices. Recognizing the gravity of the situation, Zoocasa delves into the proposed solutions from various political parties, emphasizing the need for a collective effort to address the housing challenges gripping the nation.

The Liberal Party's approach centers on the Housing Accelerator Fund, a $4-billion initiative designed to stimulate housing supply in major cities. With a goal of constructing 100,000 new middle-class homes by 2024-2025, the plan streamlines zoning and permitting processes. Additionally, the Liberals promise to eliminate GST on new rental housing, identify vacant properties for conversion, and implement the Canadian Mortgage Charter to provide relief measures for homeowners. Several Ontario cities, including London, Vaughan, and Burlington, have already joined the program.

Contrasting this, the Conservative Party aims to incentivize homebuilding by penalizing cities that fall short of annual construction targets. They propose a 15% annual increase in homebuilding, with non-compliance risking the loss of federal funding. The Conservatives also advocate for eliminating GST on affordable apartment housing, focusing on properties with below-market median rent. Their strategy involves removing bureaucratic hurdles and requiring pre-approved permits for dense housing near transit stations.

The New Democratic Party (NDP) prioritizes affordable housing through fast-start funds for co-ops and social/non-profit housing. Their proposals include repurposing vacant buildings for student housing and requiring housing plans from post-secondary institutions for study permits. The NDP also suggests a student housing funding plan with contributions from the federal government, provinces, territories, and educational institutions.

Lastly, the Green Party adopts a "people-first" housing approach, proposing a guaranteed minimum income to address poverty and enhance affordability. Their focus includes doubling the social housing stock and advocating for the right to safe and affordable housing for all Canadians. The Green Party of Ontario specifically targets affordable housing in gentrified areas, supporting renters on the path to homeownership, reducing speculation, and promoting the concept of 15-minute neighborhoods.

Read the full article on: REAL ESTATE MAGAZINE