Every time an election rolls around, one thing becomes clear — housing affordability becomes the hot topic. And with the 2025 federal election in full swing, it’s no different. The headlines are filled with promises from the Liberals, Conservatives, and NDP, each offering different ways to make housing more affordable for Canadians.
But while all these promises sound good, if your mortgage is up for renewal soon, you need to ask yourself: how much of this will actually help you right now?
The reality is, whether or not these proposals come to life, the mortgage market is moving today. Lenders are adjusting rates, banks are battling for business, and there are already great opportunities you could be taking advantage of — without waiting to see who wins the election.
So, let’s break down what each party is promising and why now is still the best time to get serious about your mortgage renewal.
What the parties are promising
🏠The Liberals: Big Build, Big Agency
The Liberals have made one of the boldest housing promises of this election: they want to double Canada’s housing construction rate to nearly 500,000 new homes per year. To make that happen, they plan to create Build Canada Homes, a federal agency that will act like a public developer. This new agency would build affordable housing, develop public lands, and provide more than $25 billion in financing to builders of prefabricated homes, plus another $10 billion in low-cost loans for affordable rental projects.
The Liberals are also promising to cut the GST on new homes under $1 million for first-time buyers to help lower the upfront cost of homeownership.
It’s a massive plan, with comparisons being made to the post-World War II homebuilding boom. But like any big government project, it’s something that would take years to fully roll out — and it won’t lower your mortgage rate today.
🏠The Conservatives: Tax Breaks And Energy Infrastructure
The Conservatives are taking a different approach. Their plan is focused on tax cuts and reducing costs for homebuyers by promising to eliminate the GST on all new homes under $1.3 million — no first-time buyer requirement.
They’re also looking at the bigger picture by proposing a national energy corridor. While this isn’t a housing policy on the surface, they argue that more infrastructure and resource development will fuel economic growth and create the conditions needed for more housing supply.
It’s a broader, market-focused strategy — but again, these are promises that will take time to materialize.
🏠The NDP: Low-Interest Mortgages and Rent Controls
The NDP is zeroing in on affordability, especially for first-time buyers and renters. Their big pitch is a new government-backed mortgage program offering low-interest, fixed-term mortgages. The idea is to help first-time buyers locked out of the market by high interest rates and rising home prices. According to the NDP, reducing mortgage rates by just 0.5% through this program could save a typical family around $9,500 over five years.
They’re also promising to build 100,000 rent-controlled, affordable homes on federal land and ban corporate landlords from buying single-family homes — aiming to stop the rise of big investors driving up prices.
It’s a fresh approach, but once again — this is a long-term plan, not something that will impact your current mortgage.
Here’s the thing: none of these promises will change your mortgage payment tomorrow.
Even if every one of these proposals becomes law, it will take time — possibly years — before the average Canadian homeowner feels the impact. But if your mortgage is set to renew in the next 6 to 12 months, you don’t have years to wait. You need to make a decision in today’s market, not tomorrow’s political landscape.
Right now, banks and lenders are extremely competitive. Rates have been shifting, and there are already some solid deals to be had as lenders fight for business. But the best rates and terms aren’t offered to people who wait until the last minute — they’re offered to borrowers who start the process early and know how to navigate the market.
It’s easy to feel like you should “wait and see” what happens after the election. But the truth is, when it comes to your mortgage renewal, waiting might actually cost you more.
No political promise will beat a well-timed, well-planned mortgage strategy.
That’s where we come in.
At Garland Mortgage Solutions, we specialize in helping Canadians navigate times exactly like this — when the headlines are loud, the market is shifting, and it’s hard to know what move to make next. We’re here to cut through the noise, evaluate your options, and build a renewal plan that works for your financial goals today — not someday.
If your mortgage is up for renewal in the next year, let’s start the conversation now. There’s no pressure, no obligation — just solid, honest advice and a clear plan so you’re not scrambling at the last minute.
