1) 500K new homes?
Good to have a target. Better to have a plan. A target is not a plan.
Also, read @GordShank 's thread. The new Burnaby mayor was elected on a platform of *slowing down* new development because of 'renovictions'....
3) Expand the homebuyers amount tax credit?
Ok, this is income tax and in my wheelhouse. Let me explain why I don't like this.
a) it's a *nonrefundable* tax credit, so you only get the value if you're a taxable filer. Around 8.6million of the 26.5 million taxfilers in Canada don't owe any taxes, so this credit means nothing to low income folks
b) it's a demand-side measure. If all new homebuyers have $750 more in their pockets and supply is constrained, guess what happens to prices? Prices get bid up. Existing landowners benefit more than new buyers. No thnx!
Imagine AOC were designing Canadian housing/tax policy. What would she think of the package offered by @theJagmeetSingh ?
I'd say she wouldn't like it.
What would she offer instead that was hard left? Let me see...
(I don't endorse this.)
1. Don't double the homebuyers credit. Cancel the damn thing. + 125MM
2. Eliminate capital gains exemption for principal residences. +6.6B.
3. Use the money to build social housing.