Harper Aims To Add More Than 700,000 New Canadian Homeowners By 2020
Ottawa – Today, Prime Minister Stephen Harper touted his plan for affordable, responsible homeownership in Canada. He announced that a re-elected Conservative Government would aim to add more than 700,000 new homeowners to Canada’s rolls by 2020.
A re-elected Conservative Government will build on its record of supporting affordable, responsible homeownership for families by:
- 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 2015 enhancement to Tax-Free Savings Accounts that allow annual contributions of up to $10,000 so Canadians can save and invest more of their hard-earned money tax-free.
- Establishing a new permanent Home Renovation Tax Credit for home renovation expenses between $1,000 and $5,000.
- Collecting data on foreign buyer activity in Canada’s housing market and taking concrete action to address foreign non-resident real estate speculation in coordination with provinces.
According to Statistics Canada, 28% of Canada’s 9.2 million homeowners moved into their homes under our Conservative Government, and Canada’s homeownership rate now exceeds that of the United States. An aspirational target of more than 700,000 new Canadian homeowners by 2020 is consistent with scenarios set out by the Canadian Mortgage and Housing Corporation and the Canadian Home Builders’ Association. It would raise Canada’s homeownership rate to approximately 72.5 per cent.