Liberal Candidate Brags About Driving Up Housing Prices—Singh Responds with Crackdown « Canada’s NDP
VANCOUVER— NDP Leader Jagmeet Singh announced today that a New Democrat government would bring in a permanent ban on foreign homebuyers to stop speculators from driving up prices and keep homes in the hands of people who live and work in Canada.
“Homes should be for people to live in—not for investors to flip,” said Singh. “With Trump’s tariffs driving up costs, they see another chance to squeeze people. We won’t let them use a crisis to take over our housing system—again.”
The permanent foreign buyers ban would close existing loopholes—barring purchases by numbered companies or corporate proxies—and would not apply to recreational properties like cottages or cabins. The focus is on preserving housing stock in residential communities for the people who need it most.
As Canadians struggle to find an affordable place to live, Liberal candidate Mark Wiens, a luxury realtor in Vancouver East, bragged about marketing homes to wealthy foreign buyers to inflate prices. Now, Mark Carney’s team is working with realtor Bob Rennie, a well-known Vancouver real estate marketer, to attract even more foreign capital into Canada’s housing market.
“Developers and investors want housing to work for them—not for the people who live here,” said Singh.
Meanwhile, Pierre Poilievre’s Conservatives are pushing more of the same—tax breaks and deregulation for speculators, while doing nothing for renters or first-time buyers.
In contrast, Singh pledged to deliver:
- A permanent and enforceable ban on foreign homebuyers, with no loopholes;
- A major investment in affordable, non-profit housing;
- And a stronger anti-flipping tax—expanding the current 1-year rule to 5 years.
Under this plan, profits from residential properties sold within five years of purchase would be taxed as income, not capital gains—unless the home is a principal residence. That means people who sell the home they live in won’t be penalized, no matter how long they’ve lived there. But speculators looking to profit from quick flips would pay their fair share.
“When homes are treated like stocks, regular people pay the price,” Singh said. “This sends a clear message: housing is for people—not for short-term profits.”
Singh also pointed to Premier David Eby’s BC NDP government as a model—cracking down on short-term rentals, closing rent loopholes, and protecting affordable homes. He promised to bring that same leadership to Ottawa.
“Trump’s tariffs are raising costs, and foreign investors are circling,” said Singh. “When you elect New Democrats, we’ll keep homes in Canadian hands and put affordability first.”