On the eve of the elections, both the Liberals and Conservatives are actively proposing ideas that could impact the real estate market — and I see this as a good sign. The authorities are finally starting to pay attention to the real needs of homebuyers.
Just the other day, Prime Minister Mark Carney proposed eliminating the GST on new homes priced up to $1 million — though only for first-time homebuyers. In response, Conservative leader Pierre Poilievre went even further, suggesting the removal of GST on all new homes up to $1.3 million, regardless of the buyer's status.
Yes, there is clearly political rivalry in these proposals. But as a professional who works with buyers and sellers every day, I welcome the fact that affordable housing has become a priority. That alone is a step forward.
Of course, it’s important to understand that tax breaks alone won’t solve all the problems in the new housing market. It has slowed down not because of the GST — that tax has been around for many years and didn’t hinder growth during more active periods. The real issue is overheated prices driven by speculative demand. When condos under construction were selling for $1,800 per square foot, while resale units were going for $1,200, that couldn’t go on forever.
Now the market is adjusting, and developers are facing challenges. But it’s also an opportunity — a chance to rethink the approach and make housing more affordable for end users. In this context, the idea of removing GST for first-time purchases could become real support for families striving for a home of their own.
As for large-scale subsidies for investors — personally, I believe the priority should go to those buying homes to live in, not to earn income. For too long, we’ve encouraged a model where young families compete with seasoned investors. It’s time to restore the balance.
From the standpoint of long-term economic sustainability, I’m convinced: investments should create value, not just shuffle money between assets. Supporting first-time buyers is not only socially fair, but also economically sound.
If I had to choose between Carney’s and Poilievre’s plans — even though I align more with conservative views, I appreciate Carney’s focus on first-time buyers. I would like to see the GST exemption apply to the first $1 million of any purchase, not just homes priced below that amount, but even the current initiative is a step in the right direction.
The market is gradually finding balance. And initiatives like these can give it a fresh push — toward more sustainable, fair, and people-oriented development. As a realtor, I see that we have every chance to make Canada’s housing market more accessible — we just need to move in the right direction.