NDP Leader Jagmeet Singh is outlining how his party would bring home ownership into reach for more young Canadians.
Speaking in Burnaby on Wednesday, Singh proposed two new measures to help deal with the housing crisis.
He is calling on the Canada Mortgage and Housing Corporation (CMHC) to support co-housing as a mortgage option.
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He also would like to re-introduce 30-year terms to CMHC-insured mortgages for people who qualify for mortgages but need extra room in their budget.
The NDP has said they plan to build 500,000 affordable homes in the next decade, including investments in co-operative and non-market affordable housing units.
“Consecutive Liberal and Conservative governments have neglected people, have failed to step up and make the right investments, make the right choices and that’s why we’re in this position,” Singh said.
Finance Minister Bill Morneau has said the Trudeau government is looking for ways to make homebuying more affordable for millennials — something that could be addressed in its pre-election budget, which will be tabled on March 19.
“The Liberals’ plan is a plan that won’t actually see any of the real funding — the lion’s hare of the funding — until after the next election, and Conservatives don’t think this is an important thing to actually make investments on.”