Sunday March 30, 2025 | PORT MOODY, BC [Reporting from VICTORIA, BC] | Posted at 1:58 pm – Updated 2:25 pm
by Mary P Brooke | Island Social Trends
On this first full Sunday of the federal election campaign, today NDP Leader Jagmeet Singh announced a plan to help families afford their first home by unlocking the financial power of the Canada Mortgage and Housing Corporation (CMHC) to offer low-interest, public-backed mortgages.
The election campaign period began on Sunday March 23 [see daily campaign itineraries & article links].
The plan to encourage and support homebuyers would change the basic mechanism of the CMHC’s role in supporting homebuyers.
Singh made the announcement in Port Moody today where Bonita Zarrillo is the NDP incumbent.
Zarillo acknowledged other NDP candidates there today including Peter Julian (New Westminster-Burnaby–Maillardville), Jenny Kwan (Vancouver East), Raj Singh Toor (Surrey-Newton) Vanessa Sharma (Cloverdale-Langley City), Holly Issac (Langley Township—Fraser Heights), and Jäger Rosenberg (West Vancouver—Sunshine Coast—Sea to Sky Country).
Zarillo called Singh ‘a relentless voice for working people”.
Low-interest, fixed rate:
The idea is to offer low-interest, fixed rate and public-backed mortgages to first-time homebuyers by amending the Canada Mortgage and Housing Corporation Act and the National Housing Act to expand CMHC’s mandate.
Currently, the CMHC does not directly provide mortgages to homebuyers, but they do offer several financial levers tailored to large developers and investors to stimulate housing supply and manage risk. In some cases, loans are offered to big developers at below prime rates.
One example is the Apartment Construction Loan Program that offers below-market-rate loans for purpose-built rental projects. Through this program alone, larger developers can access a $55 billion fund to finance their projects – as well as benefiting from streamlined approvals and preferential terms— below market rates.
Targeting the most-impacted voters:
“In this election, the question is simple: when Trump’s tariffs hit, and costs keep rising—who will stand up for you?” said Singh. “While Carney and Poilievre side with banks, speculators, and the same market forces that caused this crisis, New Democrats are fighting for families who just want a fair shot at owning a home,” said the NDP Leader today.
“For decades, CMHC has offered preferential financial tools to big developers—supporting billion-dollar rental projects while first-time buyers are left behind. Singh’s plan will expand CMHC’s mandate to serve the people it was originally built to help: working and middle-class families trying to put down roots,” said Singh.
“Right now, the system is designed to mostly help the very people who made the crisis worse,” Singh added. “We’re going to change that. People are working hard and doing everything right and still can’t afford a home—that’s not fair and we’re going to make it right.”
A real liberation of cash flow:
By offering long-term, low-interest mortgages, the plan will directly reduce monthly costs and cut tens of thousands of dollars over the life of a mortgage.
For example, a reduction of just 0.5% on a typical mortgage would save a family around $9,500 over five years—money people could use for groceries, childcare, or saving for their future.
Rebalancing the system:
New Democrats believe homes should be for people—not profit. And that means rebalancing a system that has been rigged for too long in favour of banks and big investors.
They have used their influence in the House of Commons to achieve government legislation targeted at supporting people at the lower end of the financial system.
“We’re here to support people over profits,” said Singh. “And we’re ready to fight to make sure housing in Canada works for everyone—not just those at the top.”
New Democrats understand the need to boost housing supply to help first-time home buyers and we will announce additional measures to do just that in the weeks ahead.
Campaign week one:
Helping families buy their first homes compliments a range of measures announced by the NDP in the last week,m since the election campaign began on March 23.
The NDP calculation is that could save close to $20,000 over the next five years from the application of these NDP policies through government.
The first week of announcement has included:
- Capping food prices on grocery basics
- Letting people keep more of their money before they start to pay income tax by adjusting the basic income tax threshold.
- Taking the GST off essential purchases – eliminate the 5% GST from grocery store meals, diapers and strollers, plus monthly bills including cell, internet and heating
- Taking the GST off of Canadian-made vehicles – to boost our auto sector, resulting in a savings of $3,000 to buy a Canadian-made car
- Doubling the Canada Disability Benefit – raising benefits by up to $2,400 a year.
- Increasing the Guaranteed Income Supplement – to help more low-income seniors
- Building rent-controlled homes on public land – to produce affordable homes more broadly across the country.
A proven start:
The newly proposed ideas build on important affordability accomplishments of the NDP (working with the former Liberal minority government) such as:
- Dental care plan – Because of NDP political pressure in the House of Commons more than 1.5 million Canadians have received dental care, and more than 3 million people have that Canadian Dental Care Plan card in their wallet for when they need it. An average family will save around $1,300 per year.
- Pharmacare plan – These measures can save women and gender-diverse people about $200 a year for contraception and around $1,500 per year for those impacted by diabetes.
===== RELATED:
- Jagmeet Singh launches NDP campaign in Ottawa (March 23, 2025)
- Carney announces that 45th federal election is underway (March 23, 2025)
- Liberal Leader Mark Carney to run in Ottawa-area riding (March 22, 2025)
- Fielding federal candidates in 343 ridings across the country (March 22, 2025)
- 45th federal election to be held on April 28 (March 22, 2025)
- Jagmeet Singh launches south Vancouver Island NDP campaign office (March 13, 2025)
- NEWS SECTIONS: CANADIAN FEDERAL ELECTION 2025 | CANADA-NATIONAL | CANADA-USA | COUNCIL OF THE FEDERATION