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Trudeau Says He'll Make It Easier To Buy Your First Home In Canada If He's Re-Elected

His plan involves cutting mortgage payments and doubling the first-time homebuyers' tax credit.

Western Canada Editor
Trudeau Says He'll Make It Easier To Buy Your First Home In Canada

First-time homebuyers were in the spotlight during Justin Trudeau's latest election campaign promise.

Trudeau revealed his housing plan, called Home For All, at a press conference in Hamilton, Ontario, on Tuesday, August 24.

The plan focuses on helping people under 40 years old get their own homes. The Liberals, if elected on September 20, promise to cut monthly mortgage payments and double the first-time homebuyers' tax credit, which could save up to $30,000.

"There is no simple solution to the housing crisis. Each family is in a slightly different situation, and each community faces its own challenges," Trudeau said.

A savings account for the purchase of a first property is also proposed, to allow Canadians to set aside up to $40,000 in savings and withdraw it tax-free.

On the house-building side, the Liberals also plan to build, preserve or repair 1.4 million homes over the next four years across Canada and would establish a Bill of Rights for homebuyers, which would stop blind bidding, among other things.

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