On a campaign stop in Port Moody, B.C. this weekend, Singh unveiled a plan to offer low-interest, fixed-term mortgages directly backed by the federal government.
The program would be available to first-time buyers and, according to Singh, could save borrowers “tens of thousands of dollars” in interest payments.
For example, a reduction of just 0.5% on a typical mortgage would save a family around $9,500 over five years, according to NDP campaign materials.
“It’s never been done before, but if we can give loans to large, wealthy developers to buy buildings, to buy homes, why can’t we give everyday families a break?” Singh told supporters.
He added that Canada still needs a mix of housing types, including co-operatives and non-profits, but emphasized that low-interest loans would help “keep the dream of home ownership alive.”
He said the program would help families locked out of the market by high interest rates and soaring home prices, especially in places like Metro Vancouver and the Greater Toronto Area.
Details of the proposed interest rate or eligibility thresholds were not disclosed, but Singh said the NDP would work with Canada Mortgage and Housing Corporation (CMHC) to deliver the loans safely and sustainably.
Where the other parties stand
The NDP’s proposal adds a new dimension to the election debate on housing affordability, which has already emerged as a key battleground issue.
Liberal Leader Mark Carney has promised to eliminate the GST on newly built homes under $1 million purchased by first-time buyers. The Liberals say this would help reduce upfront costs and improve access to homeownership.
Conservative Leader Pierre Poilievre has proposed a broader GST exemption, pledging to remove the tax on all new homes sold for less than $1.3 million, regardless of whether the buyer is a first-timer.
Featured image by Artur Widak/NurPhoto via Getty Images
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Canada Mortgage and Housing Corporation CMHC conservatives election election promises first-time homebuyers Jagmeet Singh liberals Mark Carney ndp Pierre Poilievre
Last modified: March 31, 2025