Election too close to call – vote today!

Polls are showing one of the tightest elections in recent memory. The Conservatives and Liberals are neck-and-neck in the race to win the most seats in Parliament.

The NDP or the Bloc Quebecois could hold the balance of power. Strategic voting on the left may give the Liberals an unanticipated surge. It’s anybody’s game. Your vote may matter now more than ever.

Make sure to vote today, Monday, September 20, to have your voice heard.

For information about your riding or voting place, visit https://www.elections.ca/home.aspx.

CFAA Election Commentary

CFAA has analyzed the main party platforms to highlight election promises that could affect Canada’s rental industry.

Visit https://cfaa-fcapi.org/category/federal-election-2021/ for CFAA’s election content, or read on for a summary of the key issues.

Housing Issues

To help young people accumulate their down-payments, the Liberals promise First Home Savings Accounts for up to $40,000 – tax free on deposit and withdrawal. Both the Liberals and the NDP promise to double the first-time home buyers credit from $5,000 to $10,000. These measures would deliver additional tax preferences to homeowners, who are already heavily favoured over renters.

The Liberals also promise an Accelerator Fund, offering money to major municipalities to speed up planning approvals and offset inclusionary zoning requirements.

The Conservatives promise to make it easier for the self-employed to qualify for CMHC mortgage insurance, and to promote mortgages with 7 to 10 year terms to make home-buying more predictable. They also promise that federal money for transit expansion will require municipalities to accept more density and development along the transit lines.

The NDP promises to support the construction of 500,000 affordable rental units over the next 10 years. As well, the NDP promises to “provide immediate relief for families that are struggling to afford rent in otherwise suitable housing”, i.e. rent subsidies in expensive rental markets.

For more details and information on housing promises, go to https://cfaa-fcapi.org/election-platform-comparison-housing/.

Tax Measures

The Conservatives promise to introduce tax deferral on reinvestment in rental housing. That would encourage new rental housing supply, by encouraging landlords of all sizes to re-invest in rental housing. CFAA very much supports that measure, which we have sought for much of the last 15 years.

The Liberals say they will review the taxes on large corporate rental providers and REITs, to reduce the incentives to “renovict” tenants. The NDP promises to stop CMHC-insured mortgage advances from being used for renovations that result in “renovictions”.

The NDP also say they would raise capital gains taxes, and the top income tax rate. They would also impose a wealth tax on net wealth over $10M or $20M.

For more details and information on tax promises, go to https://cfaa-fcapi.org/election-platform-comparison-tax/.

Energy and Environment Measures

Under the “Paris Accord”, Canada committed to reduce its carbon emissions by 30% of 2005 levels, by 2030. In their election platforms, the Conservatives promise to meet that goal, the Liberals promise to reach reductions of 40 to 45%, and the NDP promise to achieve a 50% reduction.

The Liberals say they will increase the current carbon tax of $40 a tonne up to $170 a tonne by 2030. The Conservatives will leave the carbon tax at $40 per tonne, and explore new technologies and approaches. The NDP would rely less on carbon tax increases and instead use a combination of regulations and incentives.

With current technology, the main way to reduce carbon emissions from building heating is to use electricity to power heat pumps. The problem is that with current retrofit and heat pump technology, the costs of retrofits are so high that achieving substantial reductions in carbon emissions is cost prohibitive. To achieve the desired result, while avoiding a major impact on housing costs, and thus on housing affordability, we need better, cheaper retrofit and heat capture technology, and cheaper electricity. Or alternately, incentives to help pay for deep building retrofits.

For more details and information on energy promises, go to https://cfaa-fcapi.org/election-platform-comparison-energy/.


Vote today, September 20!

Want to learn more? Visit CFAA’s election webpage at https://cfaa-fcapi.org/category/federal-election-2021/.

For information about your riding or voting place, visit https://www.elections.ca/home.aspx.