Last month, Canadians elected a new Liberal majority government. The party, led by new Prime Minister Justin Trudeau, made several promises related to real estate.For example, the Liberals have pledged to:
• Eliminate GST on new capital investments in affordable rental housing.
• Provide $125 million per year in tax incentives to increase and renovate rental housing.
• Modernize the plan to allow home buyers to use RRSPs to buy a home more than once, and allow use by those facing job relocation, death of spouse, or marital breakdown, or to accommodate an elderly relative.
• Support CMHC to finance construction (private, social enterprises, co-ops and not-for-profit) of new, affordable rental housing.