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NDP leader Jagmeet Singh pitches 20% foreign buyer's tax at Burnaby campaign stop

Singh blames feds for skyrocketing home prices
Burnaby South MP and NDP leader Jagmeet Singh stopped into his riding on Aug. 18, 2021, to make a campaign housing announcement.

While Prime Minister Justin Trudeau was in Vancouver this morning, NDP leader Jagmeet Singh was in Burnaby to reveal the party's housing plan. 

In his announcement, the Burnaby South MP said he would implement a 20% foreign buyer's tax on the sale of homes to those who are not Canadian citizens or permanent residents. The NDP would also target money laundering and organized crime within the housing sector. 

He added the NDP would make it harder to hide behind nameless companies and giving regulators "more teeth." 

Singh claimed Trudeau has allowed rent and housing prices to grow more than 20% in less than one year in Vancouver. 

"He has let investors and corporations, often from overseas, take over the market and drive up the cost of housing in communities across Canada," he said. "In many cases, they leave the houses empty while families struggle to find a place to live."

The NDP say they would build 500,000 affordable homes in 10 years if elected. 

“Every day, I hear from young people and their parents who worry they will never be able to afford to own a decent home," Singh added. 

“They can barely afford to pay rent, let alone compete against big money investors in the housing market. Justin Trudeau will keep protecting the interests of the ultra-rich, but I’m ready to make the dream of owning a home a reality for Canadian families.”