NDP Leader Jagmeet Singh announced on 30 March 2025 that, if elected, his party would offer first-time buyers long term, low-interest loans and limit corporate landlords from buying property. This is in addition to a previously announced plan to use publicly-owned land to construct homes. This promise can only be put into practice after the next federal election if the NDP is elected to govern.
Singh’s plan differs from Liberal Leader Mark Carney’s and Conservative Leader Pierre Poilievre’s in that it is not a tax cut. Rather, Singh says his plan would lead to lower monthly mortgage payments and in turn for savings for homeowners.
According to Singh, a 0.5% reduction on a typical mortgage could lead to savings of up to $9,500 over five years. The exact number would be dependent on the mortgage itself. As for the promise to prevent corporate landlords from buying property, Singh says this will prevent them from buying up affordable homes.
Because this policy differs from Carney’s and Poilievre’s, its potential implications may as well. For instance, it will require the cooperation of banks and other lenders to implement the proposed mortgage changes. Similarly, preventing corporate landlords from buying properties may have knock-on effects, too.
NDP plans to build 3 million homes in five years, and implement rent control.
On 7 April 2025, Singh further clarified the NDP’s housing plans. The party plans to build 3 million homes by 2030. It plans to do this by replacing the Liberal Housing Accelerator Fund with the Canadian Homes Transfer and the Communities First Fund. The party says this will be a permanent $16 billion dollar initiative.
Singh claims that this plan will lead to the construction of new homes, particularly townhomes and apartments. It will require cities to allow multi-unit housing and permit housing near transit. The plan also commits to requiring the freezing and lowering of development charges by half. Also as part of this plan, there is a requirement that municipalities have 20% non-market housing available in every neighbourhood.
The NDP also aims to implement a nation-wide system of rental control, replacing the current city-by-city regulations in place. Some cities in Canada, such as Vancouver, implement a system of rent control tied to tenants; others such as Toronto implement rental control on buildings built before 2018 and still others have no system of rent control.
If you’re considering purchasing a home after this announcement, remember that the policies still have not been implemented. In the meantime, you can speak to a real estate agent and mortgage advisor for more guidance.
Our goal at REW is to provide information that helps Homeseekers stay informed about key housing-related news and information. REW offers no opinion or endorsement of this policy. We’ll be covering other parties' housing policies in future pieces as well.
