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Conservative Party outlines plan to make Canadian real estate more affordable – Yahoo News

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Canada's Conservative Party leader Erin O'Toole speaks at the Westin hotel after Liberal Prime Minister Justin Trudeau called an early election, in Ottawa, Ontario, Canada August 15, 2021.  REUTERS/Lars Hagberg

Canada’s Conservative Party leader Erin O’Toole speaks at the Westin hotel after Liberal leader Justin Trudeau called an early election, in Ottawa, Ontario, Canada August 15, 2021. REUTERS/Lars Hagberg

The Conservative Party of Canada is kicking off the election campaign with a platform that includes tackling housing affordability through a three-pronged approach.

One of the reasons for soaring prices experts often cite is a lack of available supply. The Conservatives say they will build a million homes in the next three years if elected.

“It’s time to face the fact: We have a housing crisis in Canada. Affording a home – to rent, let alone to buy – is slipping out of reach of Canadians across our country. The primary cause is that supply simply isn’t keeping up with demand,” reads the Conservative platform.

“Governments have not let Canadians build enough housing to keep up with our growing population.”

The party says it will do this by leveraging federal infrastructure investments, release at least 15 per cent of its real estate portfolio for housing while improving the Federal Lands Initiative, defer capital gains tax when selling a rental property and reinvesting in rental housing, explore converting unused office space to housing, work with Indigenous communities on their housing needs, and create an incentive for corporations and private landowners to donate property to Land Trusts for the development of affordable housing.

Also See: The latest real estate news for housing prices, mortgage rates, markets, luxury properties and more at Yahoo Finance Canada.

Tackling money laundering and foreign investors

The party also pledges to root out what it calls corrupt activities that drove up real estate prices. That includes tackling money laundering by making changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Fintrac, law enforcement and prosecutors would get the tools to stop and prosecute money launderers.

It says it would also establish a federal Beneficial Ownership Registry for residential property and closely examine the findings and recommendations of the Commission of Inquiry into Money Laundering in British Columbia.

“To arrest and reverse the inflationary impacts of foreign buyers and speculation in the housing market, we will ensure that housing in Canada is truly for Canadian citizens and residents first,” said the Conservatives.

“The Liberals are on record stating, ‘we’re a very safe market for foreign investment but we’re not a great market for Canadians looking for choices around housing.’ This must change.”

There would also be new rules for foreign ownership. It would be banned for investors not living in or moving to Canada. Such people would be barred from buying homes here for a two-year period, after which the ban would be reviewed. The party says it would encourage foreign investment in affordable, purpose-built rental housing.

Making mortgages more affordable

The party also says it plans to make mortgages more affordable through a number of changes, including seven to 10-year mortgages for more stability for first-time buyers, and reducing the need for mortgage stress tests. It wants to do away with a stress test on mortgage renewal with another lender to increase competition.

Because so many homes in markets like Ontario and B.C. are above a million dollars, buyers need at least a 20 per cent downpayment. The Conservatives want to reduce that in high-priced markets.

They want to alter the stress test in favour of small business owners, contractors, and other non-permanent employees, including casual workers.

The party adds that it won’t make changes to taxation on the sale of a primary residence.

“Canada’s Conservatives will never tax Canadians’ capital gains on the sale of their principal residence, something many within the Liberal Party are threatening to do.”

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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Instagram pausing Instagram Kids, eyes changes – Business News – Castanet.net

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Instagram is putting a hold on the development of Instagram kids, geared towards children under 13, so it can address concerns about access and content.

Adam Mosseri, the head of Instagram, wrote in a blog post Monday that a delay will give the company time to “work with parents, experts, policymakers and regulators, to listen to their concerns, and to demonstrate the value and importance of this project for younger teens online today.”

The announcement follows a withering series by the Wall Street Journal, which reported that Facebook was aware that the use of Instagram by some teenage girls led to mental health issues and anxiety.

Yet the development of Instagram for a younger audience was met with broader push back almost immediately.

Facebook announced the development of Instagram for kids in March, saying at the time that it was “exploring a parent-controlled experience.” The push back was almost immediate and in May, a bipartisan group of 44 attorneys general wrote to Facebook CEO Mark Zuckerberg, urging him to abandon the project, citing the well being of children.

They cited increased cyberbullying, possible vulnerability to online predators, and what they called Facebook’s “checkered record” in protecting children on its platforms. Facebook faced similar criticism in 2017 when it launched the Messenger Kids app, touted as a way for children to chat with family members and friends approved by parents.

While concerns about Instagram for kids is ongoing, Mosseri said that Instagram believes it’s better for children under 13 to have a specific platform for age-appropriate content, and that other companies like TikTok and YouTube have app versions for that age group.

“We firmly believe that it’s better for parents to have the option to give their children access to a version of Instagram that is designed for them — where parents can supervise and control their experience — than relying on an app’s ability to verify the age of kids who are too young to have an ID,” he wrote.

Mosseri said that Instagram for kids is meant for those between the ages of 10 and 12, not younger. It will require parental permission to join, be ad free, and will include age-appropriate content and features. Parents will be able to supervise the time their children spend on the app, oversee who can message them, who can follow them and who they can follow.

While work is being paused on Instagram Kids, the company will be expanding opt-in parental supervision tools to teen accounts of those 13 and older. More details on these tools will be disclosed in the coming months, Mosseri said.

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Rescue efforts underway after 39 miners trapped underground in Sudbury – Globalnews.ca

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Rescue efforts are underway after 39 miners became trapped underground at Vale’s Totten mine in Sudbury, Ont., on Sunday afternoon.

On Monday afternoon, a Vale spokesperson confirmed the rescue crew had reached the miners and is starting the ascent. The company expects everyone to reach the surface by Monday night.

Read more:
Sudbury police search for suspect in hit-and-run homicide investigation

“We have learned that no one is injured, which is our number one concern,” Vale spokesperson Jeffrey Lewis said in an email.

“The miners have had and continue to have access to water, food and medicine.”

The company said the conveyance for transporting employees was taken offline following an incident in the shaft on Sunday afternoon.

It confirmed that employees will exit the mine through a secondary egress ladder system with the support of Vale’s mine rescue team.

When the incident took place, the employees underground immediately went to refuge stations as part of what Vale called its “normal procedures.”

Read more:
Updates to B.C.’s tailings code after Mount Polley disaster an improvement: auditor

“We have been in frequent communication with them since the incident,” the company said in a statement. “We are doing everything we can to ensure the safety of these employees.”

On Monday, Ontario Premier Doug Ford said he’s relieved to hear the miners are uninjured.

“Our thoughts are with the 39 miners trapped underground in Sudbury as rescue teams work to get them safely above ground,” Ford tweeted.

Timmins—James Bay MP Charlie Angus also said he’s praying for the safety of the mining workers.

“Let’s get everyone home,” he said.


Click to play video: 'Maintenance workers trapped in Saskatchewan potash mine rescued, are safe'



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Maintenance workers trapped in Saskatchewan potash mine rescued, are safe


Maintenance workers trapped in Saskatchewan potash mine rescued, are safe – Jul 4, 2019

© 2021 Global News, a division of Corus Entertainment Inc.

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Poker Pal of Evergrande Founder Heads for the Exit – Bloomberg Markets and Finance

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