The Canadian federal election is coming up — and housing affordability is on every party’s platform.

According to a survey from Abacus Data, 57% of Canadians polled report that an issue related to cost of living, taxes, housing affordability, wages, or income inequality is the top issue that they feel will determine their vote in the upcoming federal election.

Source: https://abacusdata.ca/memo-what-our-polling-on-affordability-anxiety-for-the-broadbent-institute-means-for-progressives-in-canada/

Between student debts, rising rents, and a high cost of living, many would-be homeowners are struggling to even break into the housing market.

While the federal political parties are gearing up for the election on October 21, 2019, they are unveiling plans to deal with affordable housing, consumer debt, reduce cost of living, and more.

The Liberal Party of Canada revealed a plan for affordable housing. The Conservative Party leader said he wants to scale back the mortgage stress test. The federal NDP leader promised 500,000 affordable housing units if elected. But is it enough?

It may depend on the individual situation. Look realistically at your budget – where is your money going? If a large portion is going towards debt payments — credit cards, lines of credit, and more — government measures may not be enough.

Even with government assistance to make housing more affordable or provide relief, the only thing that can save you financially is doing away with the debt.

If you are carrying a large amount of high-interest debt, it will make everything more difficult — from securing a loan, to making ends meet, to buying a house.

Step one is to deal with debt, regardless of which party succeeds in the federal election.

This will allow you to take advantage of any relief measures that are introduced with a clean slate.

You might deal with debt by:

• Credit counselling.
• Consolidating payments.
• Securing a second mortgage to pay off high-interest debt.
• Filing for a consumer proposal or for bankruptcy.
• And more.

At DebtCare Canada, we can go through your budget and options to find the best solutions for you. We’ll help you realistically assess your situation and make a plan for your future — no matter who wins the federal election.

Contact us today for a free consultation. Call 1-888-890-0888 or visit www.debtcare.ca.