On conventional mortgages, the Liberal Party of Canada has promised some changes for future homeowners and investors. Here are the three you will want to be aware of:
1. Index the RRSP Home Buyer’s Plan to the Consumer Price Index in $2,500 increments, to ensure it remains a useful tool for people buying their first homes.
2. Provide tax incentives for landlord and developers to build and renovate rental units in order to make investment in affordable housing and residences for seniors.
3. Increase the new residential rental property rebate on the GST to 100%, eliminating all GST on new capital investments in affordable rental housing. For more information on the Federal Liberal Platform, visit www.liberal.ca