We’ll Help you Buy a Home—Not Investors and Speculators « Canada’s NDP
VANCOUVER— Today, NDP Leader Jagmeet Singh announced a bold plan to help families afford their first home by unlocking the financial power of the Canada Mortgage and Housing Corporation (CMHC) to offer low-interest, public-backed mortgages.
“In this election, the question is simple: when Trump’s tariffs hit, and costs keep rising—who will stand up for you?” said Singh. “While Carney and Poilievre side with banks, speculators, and the same market forces that caused this crisis, New Democrats are fighting for families who just want a fair shot at owning a home.”
For decades, CMHC has offered preferential financial tools to big developers—supporting billion-dollar rental projects while first-time buyers are left behind. Singh’s plan will expand CMHC’s mandate to serve the people it was originally built to help: working and middle-class families trying to put down roots.
“Right now, the system is designed to mostly help the very people who made the crisis worse,” Singh added. “We’re going to change that. People are working hard and doing everything right and still can’t afford a home—that’s not fair and we’re going to make it right.”
By offering long-term, low-interest mortgages, the plan will directly reduce monthly costs and cut tens of thousands of dollars over the life of a mortgage. For example, a reduction of just 0.5% on a typical mortgage would save a family around $9,500 over five years—money people could use for groceries, childcare, or saving for their future.
New Democrats believe homes should be for people—not profit. And that means rebalancing a system that has been rigged for too long in favour of banks and big investors.
“We’re here to support people over profits,” said Singh. “And we’re ready to fight to make sure housing in Canada works for everyone—not just those at the top.”
New Democrats understand the need to boost housing supply to help first-time home buyers and we will announce additional measures to do just that in the weeks ahead.
Helping families buy their first homes compliments a range of measures announced by Jagmeet Singh in the last week. This includes:
- Capping food prices to stop corporate grocery giants from driving up prices and padding their profits
- Letting people keep more of their money before they start to pay income tax – saving individuals up to $505, paid for by making millionaires pay more.
- Taking the GST off of essential purchases – grocery store meals, diapers and strollers, plus monthly bills including cell, internet and heating bills – saving a family of four roughly $450.
- Taking the GST off of Canadian-made vehicles – to boost our auto sector and save someone buying a Canadian-made car $3000.
- Doubling the Canada Disability Benefit – raising benefits by up to $2400 a year.
- Increasing the Guaranteed Income Supplement – to raise all seniors out of poverty.
- Building rent-controlled homes on public land– to help people find homes they can afford.
- A family could save close to $20,000 over the next five years from an NDP government.
This builds on important affordability accomplishments such as:
- NDP Dental care plan– Because of the NDP, more than 1.5 million Canadians have received dental care, and more than 3 million people have that Canadian Dental Care Plan card in their wallet for when they need it. An average family will save around $1,300 per year.
- NDP pharmacare plan – These measures can save women and gender-diverse people around $200 a year for contraception and around $1,500 per year for those impacted by diabetes.