What Does a Liberal Minority Mean in Terms of Real Estate?

Canadians across the country went to the polls Monday, Oct. 21 and gave Justin Trudeau another opportunity to lead Canada with a minority government.

If you’re a first-time home buyer, this means you’ll be looking for the Liberals to make good on their promise to expand the First-Time Home Buyer Incentive to allow buyers in Toronto, Vancouver and Victoria to qualify for up to $769,000 instead of $505,000 like the rest of the country.

The Liberals also promised a 1% speculation tax on non-residents and non-Canadians. What that means and whether it has the intended effect of slowing down demand remains to be seen.