• Mike Hidlebaugh

Party Platforms as They Relate to Mortgages

The federal election of 2019 promises to be a competitive one and it is essential that voters are informed about the individual parties’ platforms. Since this is a blog about all things mortgages, it will focus on housing and the parties’ platforms as they relate to housing. This is going to be done in a completely non-partisan way.


The Liberal Party promises to expand the First-Time Home Buyer Incentive. The value of a qualifying home will increase from $500,000 to almost $800,000 in Greater Vancouver, and Greater Toronto. They also committed to introducing a 1% tax to non-resident, non-Canadian home buyers. The Liberal Party pledges to complete the National Housing Strategy which would add approximately 140,000 more housing units by 2028.


The Conservative Party promises to increase amortization from 25 to 30 years for first-time home buyers. They also have committed to improving the stress test so it is not as difficult for first-time home buyers to get a mortgage while also working in cooperation with OFSI to remove the stress test at renewal time for home owners. The Conservative Party pledges to launch a money laundering through real estate inquiry as corrupt practices inflate house prices. Lastly, they promise to increase the supply of housing by making surplus federal real estate available.


The NDP promises to increase the tax credit for first time home buyers to $1,500 from $750. They also promised to increase amortization from 25 to 30 years on entry level homes for first-time home buyers. The NDP pledge to offer CMHC insured co-ownership mortgages so access to financing is more available. A Foreign Buyers Tax will be added to home purchases for individuals who are not Canadian citizens or permanent residents. In cooperation with the provincial governments, the NDP pledge to create an ownership registry which will increase transparency about who owns properties.


The Green Party promises to focus on affordable renting by eliminating first-time home buyer grants and programs. In partnership with CMHC, credit unions, other lenders, and co-op societies, create a strategy on how co-op housing would be financed. They pledge to appoint a Minister of Housing.

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