Home prices have been skyrocketing in Peel and the NDP wants to make finding affordable housing easier for families.
The proposed plan, Ontario NDP’s Plan for Housing, would help home buyers purchase their first home with a cash down payment and help families convert unused spaces into affordable rentals so they can keep up with mortgage costs.
The proposed plan would also aim to help Peel families with down payments and mortgage costs after a 50 per cent jump in house prices.
“Many families in Peel are living in tight conditions, renting a smaller space than they need or maybe even a place that is in some disrepair because they can’t afford a home that can accommodate their growing or multi-generational family,” said Official Opposition leader, Andrea Horwath.
According to the MLS Home Price Index, home prices in Peel have gone up at a rapid speed and states that since 2015, the actual price of a single-family home in the Greater Toronto Area (GTA) has soared by more than 50 per cent.
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“Finding a good home that you can afford has been getting harder and harder for families for decades, especially for people looking for multi-generation homes or homes with a built-in rental for extra income,” said Horwath.
“Government after government has been making rules that help corporations and billionaires snatch up properties, leaving everyone else to compete over what’s left.”
The NDP’s Homes in Ontario Program would also give home buyers home equity loans of up to 10 per cent of the purchase price of their first home to help cover the cost of the down payment.
Additionally, a new Residents’ Rights Act would help people bring in extra cash to pay their mortgage by making it affordable and safe to convert basements, garages or floors into reasonably priced rentals.
“Whether you have lived in your neighbourhood for generations or are newly putting down roots in the province, the NDP will help Ontario families afford homes that can be cherished by your parents, grandparents and children,” said Horwath.