Here's what Monday's vote actually means for the housing market
As home prices continue to soar and the dream of homeownership slips further from the reach of many Canadians, the housing crisis has emerged as a defining issue of the federal election campaign.
Every major party is offering a sweeping plan to build homes — more quickly, more affordably, and, in some cases, more equitably. But their approaches diverge sharply, and so too do the implications for voters.
From grand public initiatives to market-driven incentives, the policies speak to fundamentally different visions of how Canada should respond to a national housing shortage now entering its second decade.
Liberals: Technocratic ambition meets political caution
The Liberals’ plan reads like a blueprint drawn by a seasoned civil servant: broad, state-driven, and meticulously budgeted. At the heart of their promise is a commitment to double Canada’s residential construction rate over the next decade to build 500,000 new homes annually. They propose to launch Build Canada Homes, a stand-alone federal developer tasked with delivering affordable units, and commit more than $35 billion in financing to accelerate prefab and rental construction.
The plan attempts to balance innovation with pragmatism — offering tax breaks for first-time buyers, cutting development charges, and speeding up build-code reforms. There are targeted benefits for young workers, including mandated hiring of apprentices for federally backed projects.
The upside is a comprehensive, well-funded platform that speaks to long-term national capacity-building and affordability.
The risk is that critics question whether the federal government can successfully operate a housing developer at scale — and whether the plan lacks the urgency demanded by a crisis years in the making.
Conservatives: A market-driven sprint to 2.3 million homes
The Conservative proposal is aggressive and unapologetically pro-market: 2.3 million homes in five years, achieved through mandates, penalties and deregulation. Cities that underperform will lose federal funds; those that exceed targets will be rewarded. The party plans to waive the GST on new homes under $1.3 million, pre-approve zoning near transit, and sell off 15 percent of federal buildings for conversion into housing.
The promise to hold CMHC bureaucrats “accountable” for delays — including requiring application processing within 60 days — positions housing delivery as a bureaucratic failure rather than a systemic one.
The upside is a muscular, outcome-driven plan that leans heavily on speed, scale and private sector muscle — a message likely to resonate with frustrated buyers and developers.
The risk is that slashing $8 billion in existing housing programs to fund tax breaks could undermine support for low-income Canadians. And without safeguards, rapid construction could lead to quality and affordability issues.
NDP: Housing as a human right, not a commodity
The New Democratic Party has positioned itself as the only party fully committed to decommodifying housing. Its platform replaces the Liberals’ Housing Accelerator Fund with a permanent $16-billion housing strategy, split between a Canadian Homes Transfer and a Communities First Fund. The party aims to build three million homes by 2030, with 20 percent non-market housing in every neighbourhood.
Their plan is the only one that addresses tenant protections head-on — requiring provinces to implement rent control, ban renovictions, and prohibit rent fixing. They would also ban corporate acquisitions of affordable rental buildings and impose tougher restrictions on foreign buyers.
The upside is a deeply equity-focused plan that prioritizes renters, public housing, and sustainable growth — popular with urban progressives and housing advocates.
The risk is that the plan may be overly idealistic, difficult to enforce federally, and reliant on provincial cooperation that may not materialize.
Bloc Québécois: Quebec-First and unconditionally funded
The Bloc’s housing stance is uniquely provincial: it demands unconditional transfers of all federal housing funds to Quebec. The party supports increasing non-market housing to 20 percent, and wants federal investments to come bundled with infrastructure funding. They also propose tightening capital gains exemptions to discourage flipping and support first-time buyers through down payment assistance and tax rebates on housing services.
The upside is a platform rooted in Quebec’s autonomy and tailored to its distinct housing ecosystem, with a strong emphasis on anti-speculation.
The risk is that the call for “no strings attached” funding could limit federal oversight and accountability in delivering results — and may lack appeal beyond Quebec.
Green Party: Scaling up co-operative, sustainable housing
The Green Party’s plan centres on a bold promise to build 1.2 million non-market rental or co-operative homes over seven years. All housing would be required to meet affordability standards — 30 percent of income or less — and the plan includes creating five regional modular housing plants under CMHC.
The upside is an ambitious push for sustainability and affordability, with emphasis on prefabricated housing as a scalable, climate-friendly solution.
The risk is that without strong parliamentary influence, the Greens may struggle to implement their vision — and the logistical complexity of the build may hinder quick wins.
People’s Party: Closing the doors, shrinking the system
The People’s Party offers the most radical departure from the status quo: a proposed moratorium on permanent immigration until housing demand stabilises, dismantling CMHC, and privatising housing finance. They advocate for zero inflation targeting by the Bank of Canada and respecting municipal authority over housing.
The upside is that for voters concerned about overpopulation and government overreach, the platform offers a simple message: reduce demand and shrink federal interference.
The risk is that cutting immigration could damage economic growth, while privatising housing supports could worsen affordability. The plan is unlikely to gain broad support in urban centres.
The Verdict: Visions that reflect values
If housing is a window into a society’s values, the 2025 election may be one of Canada’s clearest ideological referenda in years. The Liberals aim to reform a system they helped build; the Conservatives want to unleash the market; the NDP seeks to radically restructure it. The Greens and Bloc offer nuanced alternatives rooted in sustainability and sovereignty, while the People’s Party wants to dismantle much of it altogether.
The stakes, for millions of Canadians struggling to afford a place to live, could not be higher.
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