NDP leader Jagmeet Singh recently said that his party’s broader, more effective housing plan will help build 500,000 new affordable homes nationwide over the 10 years.
Precise details remain vague, but what is known of the strategy is that it will involve the removal of GST on the construction of new affordable units, the implementation of universal subsidies for renters (specifically, to those who are allocating more than 30% of their incomes to housing), and the raising of the first-time home buyers’ tax credit from $750 to $1,500.
Singh assured that the plan – which was also meant as a denunciation of the Liberal government’s current housing policies – will be released in full later, ahead of the February 25 byelection in the B.C. of Burnaby South.
Toronto Liberal MP Adam Vaughan criticized the proposal, saying that the placement of the NDP’s investment in housing and subsequent maintenance will introduce significant fiscal risk.
“Their front-end loading plan is a recipe to bankrupt housing providers right across the country.”
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Singh said that the NDP strategy brings to the table the measures necessary for addressing the country’s long-running residential real estate woes.
“When it comes to dealing with this housing crisis, we need to use every tool in our toolbox to solve this problem and ensure people have access to a place to call home,” Singh said, as quoted by The Canadian Press.
“We need to get serious about this crisis,” he added. “Mr. Trudeau is not serious about this crisis. He likes to talk about it but his actions don't back this up.”
Vaughan responded by saying that the Liberal administration has spent upwards of $5.7 billion in housing.
“I don’t think there’s a government in the history of this country that’s been invested in housing the way we have,” he stated. “The NDP can talk about housing. We’re busy building it.”