Housing affordability, homeownership, and rental supply are key issues in the lead-up to Canada’s federal election on April 28, 2025. This guide provides a clear, factual, and non-partisan summary of what each major political party is proposing when it comes to real estate, housing, and rental markets—topics that directly affect Canadian homeowners, renters, and industry professionals.

✅ This post is strictly non-partisan.
To ensure neutrality, parties are listed in alphabetical order by party name, not by polling data, seat count, or leadership.

🟦 Conservative Party of Canada

Overall Focus: Cut red tape, lower taxes, and boost private-sector-led housing supply.

Key Proposals:

• Homebuilding Incentives: Require cities with high housing prices to increase homebuilding by at least 15% per year to maintain federal infrastructure funding. Municipalities exceeding targets receive bonuses.

• Zoning Reforms: Make federal transit and infrastructure funding conditional on allowing higher-density housing near transit.

• Federal Land Use: Sell at least 15% of federal real estate (e.g., office buildings, unused land) to build homes.

• Streamlining: Cancel the Housing Accelerator Fund and replace it with direct permit and approval incentives.

• Red Tape Reduction: Cut 25% of federal red tape and pass a law requiring the elimination of two regulations for every new one introduced.

• Skilled Trades Support: Bring back $4,000 apprenticeship grants and create 350,000 new skilled trades training spaces.

Homeownership & Affordability:

• Remove GST on new homes up to $1.3 million, saving buyers up to $65,000.

• Restore the full $5,000 Home Buyers’ Tax Credit.

• Extend amortization to 30 years for first-time buyers.

• Allow 7–10 year fixed-rate mortgages.

• Expand TFSA limits to $12,000 annually.

• Defer capital gains tax when reinvested in Canada.

Rental Housing:

• Support private investment in purpose-built rental housing by easing regulations and removing GST.

• Offer support to charities and Indigenous communities building rental units.

Foreign Buyers & Speculation:

• Maintain or extend the foreign buyer ban.

• Enforce transparency in beneficial ownership.

• Tighten anti-speculation measures.

🔗 Visit the Conservative Party website

🟩 Green Party of Canada

Overall Focus: Public housing, long-term affordability, and ending corporate profiteering in the rental market.

Key Proposals:

• Public Housing Expansion: Launch the largest public housing program since the 1970s.

• Affordability Standard: Redefine “affordable” housing as costing no more than 30% of household income.

• Permanently Affordable Housing: Use legal covenants to ensure affordability in publicly funded projects.

• Market Regulations:

  • Ban corporate acquisition of low-density housing.

  • Eliminate tax breaks for REITs.

  • Strengthen rules to prevent real estate speculation and money laundering.

Rental Market & Tenant Support:

• Declare a national housing affordability and homelessness emergency.

• Implement a national moratorium on evictions and introduce rent arrears support.

• Increase the Canada Housing Benefit.

• Provide supportive housing with wraparound services (mental health, addiction care).

• Work to eliminate homeless encampments through housing-first policies.

🔗 Visit the Green Party website

🔴 Liberal Party of Canada

Overall Focus: Federal leadership in homebuilding, financial supports for buyers, and zoning reform.

Key Proposals:

• Build Canada Homes (BCH): A new federal agency to directly develop housing, including on public land.

• Construction Target: Nearly 500,000 new homes per year.

• Prefabricated Housing Support: $25B in financing for mass timber and innovative homebuilders.

• Affordable Housing Financing: $10B in low-cost loans, including $6B for deeply affordable supportive housing.

• Housing Accelerator Fund: Continued funding to municipalities that fast-track zoning and permitting.

• Building Code Simplification: Faster approvals through streamlined federal standards.

Homeownership:

• GST eliminated on homes under $1 million for first-time buyers.

• Extend insured mortgage amortization to 30 years for new-builds.

• Tax-Free First Home Savings Account available.

• Maintain the $10,000 First-Time Home Buyers' Tax Credit.

• Propose a Home Buyers’ Bill of Rights to ban blind bidding and ensure inspections.

Rental Housing:

• Expand the Canada Housing Benefit.

• Continue GST removal on new rental projects.

• Collaborate with provinces to protect tenants' rights (while respecting provincial jurisdiction).

Foreign Buyers & Speculation:

• Extend the foreign buyer ban to 2027.

• Maintain the 1% vacant property tax on non-resident-owned homes.

• Enforce the anti-flipping tax for properties sold within 12 months.

🔗 Visit the Liberal Party website

🟠 New Democratic Party (NDP)

Overall Focus: Massive public investment in affordable housing, tenant protections, and curbing corporate control of rentals.

Key Proposals:

• 3 Million Homes by 2030, including:

  • 500,000 affordable homes.

  • 100,000 rent-controlled homes on federal land.

• Dedicate all suitable federal land to housing development.

• Double the Public Land Acquisition Fund to help build more non-market homes.

• Create a Community Housing Development Bank to finance Indigenous, co-op, and nonprofit housing.

• Replace the Housing Accelerator Fund with a permanent $16B housing strategy.

Rental Market & Tenant Rights:

• National rent control standards tied to federal funding.

• Immediate rent subsidies for people spending too much of their income on rent.

• Ban renovictions, demovictions, fixed-term leases, and rent price collusion.

• Expand the federal vacancy tax.

• Tax profits from flipped homes sold within 5 years as income (unless principal residence).

• Create a fund for nonprofits to buy at-risk rental buildings.

Homeownership:

• CMHC to offer low-interest, public-backed mortgages to eligible first-time buyers.

Foreign Buyers & Speculation:

• Permanent foreign buyer ban, including numbered companies.

🔗 Visit the NDP website

🟣 People’s Party of Canada (PPC)

Overall Focus: Reduce demand by curbing immigration, eliminate government housing programs, and allow market-led correction.

Key Proposals:

• Freeze Immigration: Temporary halt on new permanent residents; later capped at 100,000–150,000/year.

• Eliminate CMHC and federal housing subsidies.

• Repeal Buyer Grants & Retrofits: End all first-time buyer grants and energy retrofit programs.

• Respect Local Zoning: Oppose federal involvement in municipal land use planning.

• Anti-Speculation Measures:

  • Support provincial restrictions on foreign buyers.

  • Work with provinces to combat money laundering in real estate.

🔗 Visit the PPC website

🏢 Industry Perspectives

CREA & BCREA

• Advocate for supply-focused policies and tools to support homeownership.

• Endorse extending the ban on non-resident buyers.

• Recommend a national expert roundtable to review new housing policies before implementation.

📌 Final Word

Canada’s housing crisis is complex, and the federal election brings several competing visions on how to address it. Whether you’re a buyer, seller, investor, or renter, this guide is designed to keep you informed and equipped with facts that directly affect your real estate decisions.

🔍 For the full, official platforms, visit the party websites listed above.

As of January 2025, BC Assessment has released updated property values for over 2.2 million properties across British Columbia. These assessments, based on market value as of July 1, 2024, play a critical role in determining property taxes and offer insights into the region’s real estate trends. Here’s everything you need to know about the 2025 property tax assessments and how they might impact you.

What Are BC Property Assessments?

BC property assessments estimate a property’s market value as of July 1 each year, reflecting its physical condition as of October 31. These assessments ensure fairness and equity in the property tax system.

Key factors influencing assessments include:

• Recent sales in your area.

• Property characteristics like size, age, quality, and location.

While assessments provide a snapshot of property value, it’s important to note that property tax rates are set by local governments in the spring and may vary based on budget needs.

Where Can You Find Your 2025 Property Assessment?

Homeowners can access their assessments online at bcassessment.ca. Paper notices are also being mailed, with most homeowners expected to receive theirs by the end of January 2025.

Lower Mainland Market Trends

For 2025, the overall housing market in the Lower Mainland has shown continued stabilization. Here’s a summary of key trends:

• Stable Values: Most residential properties saw modest changes in assessed values, ranging between -5% and +5%.

• Regional Total: The overall assessed value of properties increased slightly from $2 trillion in 2024 to $2.01 trillion.

• New Development: Nearly $27 billion of assessments stemmed from new construction, rezoning, and subdivisions.

Local Assessment Highlights

Here’s how assessments changed in key Metro Vancouver areas for 2025:

Single-Family Homes

• Burnaby: +4% ($1,973,000 to $2,044,000)

• Coquitlam: +1% ($1,722,000 to $1,738,000)

• New Westminster: +1% ($1,567,000 to $1,590,000)

• Vancouver: 0% ($2,209,000 to $2,206,000)

• Surrey: -3% ($1,608,000 to $1,563,000)

• Richmond: +1% ($1,874,000 to $1,890,000)

Strata Properties (Condos and Townhouses)

• Burnaby: 0% ($731,000 to $732,000)

• Port Coquitlam: +2% ($669,000 to $680,000)

• Port Moody: +2% ($826,000 to $841,000)

• Surrey: -2% ($710,000 to $696,000)

How Do Assessments Impact Property Taxes?

A common misconception is that an increase in assessed value directly results in higher property taxes. However, this is only true if your property’s value increases more than the average change in your community. Local governments determine tax rates based on budget needs, so your tax bill might not change even if your assessed value does.

What if You Disagree with Your Assessment?

If you believe your assessment doesn’t accurately reflect your property’s market value, BC Assessment provides options for review:

1. Initial Inquiry: Contact a BC Assessment appraiser to discuss your concerns.

2. Formal Appeal: File a Notice of Complaint by January 31, 2025, for a review by the independent Property Assessment Review Panel.

Key Takeaways for Homeowners

• Market Value ≠ Sale Price: Assessed values are a helpful reference but may not reflect the exact price your home could sell for today.

• Stay Informed: Use tools on bcassessment.ca to compare your assessment with similar properties and track market trends.

For more personalized advice or to understand how your assessment might impact your buying or selling strategy, contact us today! Whether you’re considering listing your home or exploring new investment opportunities, we’re here to guide you.

As we close out 2024, the Metro Vancouver real estate market is showing signs of renewed activity, with a strong finish in December signaling a potential upswing in 2025. Here's a detailed breakdown of what the latest market trends mean for buyers, sellers, and investors in Burnaby, New Westminster, and the Tri-Cities.

Market Overview: A Year of Transition

2024 saw the market adapt to declining mortgage rates after significant rate hikes in previous years. By December, sales across Metro Vancouver increased by over 30% year-over-year, with renewed buyer activity driving momentum. However, sales remained below the 10-year seasonal average, reflecting cautious optimism.

Burnaby: A Balanced Market

• Detached Homes: The benchmark price for detached homes in Burnaby South is $2,233,000, marking an 8% increase year-over-year. Burnaby North followed a similar trend, with prices up 4.2%. Detached properties remain in demand, though buyers are cautious due to affordability challenges.

• Townhouses and Condos: Benchmark prices for townhouses in Burnaby East ($881,300) and Burnaby South ($1,056,300) showcase a mix of stability and moderate gains. Apartment benchmarks in Burnaby South rose to $837,000, offering affordability compared to detached options.

New Westminster: Modest Yet Steady Growth

• Overall Trends: Residential properties in New Westminster saw benchmark price increases of 1.4% year-over-year, with detached homes reaching $1,579,700. The sales-to-active listings ratio of 16.8% indicates a balanced market, though sellers may face price resistance in certain segments.

• Opportunities for Buyers: Townhouses in New Westminster, with a benchmark price of $956,600, represent value for those seeking family-friendly, central locations without the premium of detached homes.

Tri-Cities: Resilience Amid Fluctuations

• Port Moody: Detached home prices held at $2,095,800, with modest increases year-over-year. Townhouses and apartments in Port Moody also showed resilience, providing diverse opportunities for buyers.

• Coquitlam and Port Coquitlam: Coquitlam’s townhouse benchmark of $1,071,600 and Port Coquitlam’s apartment benchmark of $631,700 highlight relative affordability. Sales activity in both markets showed incremental recovery, positioning them as attractive for first-time buyers and investors.

2025 Forecast: A Year of Growth

According to the BCREA forecast, Greater Vancouver sales are expected to grow by 18.5% in 2025, with modest price increases of 1-1.5%. For buyers, this signals the importance of acting early to secure properties before potential price hikes. Sellers, on the other hand, may find stronger demand in the upcoming months.

What This Means for You

• For Buyers: Declining mortgage rates and balanced market conditions make this a strategic time to enter the market. Focus on neighborhoods with stable price trends, such as New Westminster and the Tri-Cities.

• For Sellers: A well-prepared listing and strategic pricing will be crucial to attract buyers in 2025’s competitive market. Highlight unique features and ensure your home stands out.

• For Investors: Burnaby’s mixed housing stock and New Westminster’s steady growth offer promising long-term potential. Consider areas with strong rental demand and access to transit.

Ready to Navigate the 2025 Market?

Whether you’re buying, selling, or investing, our expertise in Burnaby, New Westminster, and the Tri-Cities can help you achieve your real estate goals. Contact us today for personalized advice and insights tailored to your needs.