Prime Minister Harper Highlights Conservative Plan for Affordable Home Ownership

Today Prime Minister Stephen Harper set out his plan to encourage affordable home ownership for young Canadian families.

“Investing in a home is an exciting milestone for young families, but is also a major financial decision,” said Prime Minister Harper.  “We want to continue supporting Canadian families in achieving their homeownership goals.”

 

The Harper Government has taken several steps to help Canadian families purchase and invest in their first home.  This includes: establishing the First-Time Home Buyers’ Tax Credit, increasing the Home Buyers’ Plan for the first time, establishing the Tax-Free Savings Account, and providing a temporary Home Renovation Tax Credit. 

“We have a long record of making it easier for millions of young families to purchase their dream home,” he noted.  “A re-elected Conservative government will build on this record with a comprehensive plan for the next generation to achieve their aspirations, and buy and invest in their first homes.”

A re-elected Harper Government will build on our record of supporting affordable homeownership for young families by:

  • Collecting data on foreign buyer activity in Canada’s housing market and, as necessary, taking concrete action in coordination with provinces to curb foreign speculation in Canada’s residential real estate market.
  • Expanding the Home Buyers’ Plan from $25,000 to $35,000 so first-time home buyers can withdraw savings tax-free to make their down payments and reduce their mortgages and interest payments.
  • Maintaining the recent enhancement to Tax-Free Savings Accounts so Canadians can save and invest more of their hard-earned money tax-free. 
  • Establishing a new permanent Home Renovation Tax Credit for substantial home renovation expenses between $1,000 and $5,000, so young home owners can renovate and upgrade their homes.

The Prime Minister contrasted these practical, serious solutions to help aspiring homeowners against the ineffective and expensive schemes proposed by his opponents. “Justin Trudeau is promising a meaningless ‘national strategy’ that will create work for bureaucrats in Ottawa but do nothing for families,” said the Prime Minister. “He just doesn’t understand the issue.”

“Mulcair and the NDP have promised expensive benefits for developers and investors that we cannot afford and that won’t help middle class families,” the Prime Minister said. “Only our Conservative party will continue to support Canadian families in achieving the pride and stability of home ownership.”