Wednesday, August 18, 2021
NDP Leader Jagmeet Singh vowed today to get big money out of Canada’s housing market and help young Canadians and families buy a home they can afford.
“A lot of people who live in Toronto, who have grown up in the city, won’t even consider buying a house in the city. Even rent is unaffordable for too many and leaving people unhoused,” said Alejandra Bravo, candidate for Davenport. “The dream of owning a home is no longer a reality since Justin Trudeau and the Liberals came to power.”
In Toronto, the average home price is now a staggering $1,102,600, up from $609,500 just 6 years ago, when Trudeau and the Liberals came to power.
Justin Trudeau allowed rent to skyrocket and housing prices to balloon in Toronto. He has let investors and corporations, often from overseas, take over the market and drive up the cost of housing in communities across Canada. In many cases they leave the houses empty while families struggle to find a place to live.
“Toronto is a city of vibrant neighbourhoods with their own individual character,” said Clare Hacksel, candidate for Toronto—Danforth. “But with homes in Toronto being scooped up by corporate investors and home ownership falling out of reach for regular families, we are seeing the character of our neighbourhoods start to change as homes sit empty. We need to make home ownership possible for working families and young people.”
Jagmeet and the NDP would go after big money investors by putting a 20 per cent Foreign Buyer’s tax on the sale of homes to individuals who are not Canadian citizens or Permanent Residents. He would target money laundering and organized crime within the housing sector by making it harder to hide behind nameless companies and giving regulators more teeth.
An NDP government would also build 500,000 affordable homes in ten years.
“We need a government that is going to take action and make sure that families in Toronto can afford to buy a home,” said Parkdale—High Park Candidate Paul Taylor. “After six years of Trudeau’s inaction home ownership in Toronto is becoming out of reach for anyone except the ultra-rich. The NDP plan will take action so working families and young people in Toronto are able to buy a home they can afford.”
Alejandra Bravo and Jagmeet Singh will work hard to make sure everyone can afford a place to call home. Check out the full plan—including building 500,000 units of quality affordable housing in the next 10 years—at ndp.ca/commitments