Canada's NDP Party Vows To Introduce Foreign Home Buyers Tax, Build 500,000 Housing Units

TORONTO (Pakistan Point News / Sputnik - 07th May, 2021) Canada's opposition New Democrat Party (NDP) is vowing to introduce a tax on non-resident home buyers and build 500,000 new housing units if elected, leader Jagmeet Singh said.

For years, average Canadians and industry watchdogs have raised the alarm about skyrocketing housing prices and diminished supply driven by foreign speculators and a steady stream of news immigrants.

"Everyone is struggling, everyone is having a hard time finding a place to call home... we know people are treating Canada as a stock market when it comes to housing... we want to bring in a national foreign buyer's tax," the leader of Canada's resident left-wing party said during a virtual news conference on Thursday.

Singh also committed to new "massive" new investment that would create 500,000 new housing units of different types, including rental units, condos and single-family homes.

The NDP leader emphasized that the housing crisis is affecting everyone, from young professionals to middle income families and slammed Prime Minister Justin Trudeau for not taking the situation seriously, instead preferring to engage in politicking.

Canada's housing crisis has been exacerbated by the pandemic, with the Canadian Real Estate Association saying that sales in March were up 76 percent compared to a year ago - despite most the country being locked down because of the third wave of the coronavirus pandemic - and average prices were up by nearly a third.

Singh's promise is being seen as a pre-election announcement just as the Canadian political parties gear up for an anticipated Federal election later in the year.