What the Upcoming Federal Election Could Mean for Your Mortgage

With Canada heading to the polls on April 28, there's a lot of buzz about taxes, affordability, and housing—and if you’re navigating the mortgage world, you might be wondering: What does all this mean for me?

Let’s break it down in a way that actually makes sense to you as a homeowner (or future homeowner).

The Big Picture

The federal election campaign has kicked off, and housing affordability is front and center—which is honestly long overdue. With interest rates, home prices, and rent having soared over the past few years, many Canadians are feeling the pinch. The two leading parties are offering different solutions, and the outcome of this election could directly impact your wallet—and your mortgage.

Tax Cuts + GST Breaks = More Breathing Room?

Liberal Leader Mark Carney is proposing:

• A 1% cut to the lowest federal income tax bracket (from 15% to 14%), which could save the average two-income household about $825 a year.

• Eliminating the 5% GST on newly built homes under $1 million—but only for first-time buyers.

Conservative Leader Pierre Poilievre has:

• Promised to remove the GST on affordable new home builds across the board.

• Pledged to make building homes faster and easier by removing red tape and using federal land for development.

How This Affects You

Whether you’re house hunting, thinking of refinancing, or just trying to keep up with your current mortgage—here’s how these promises could impact you:

1. If you’re a first-time buyer, Carney’s GST break might help shave some costs off a brand-new home—though in many markets, finding something under $1M is still a challenge.

2. If you're waiting to buy, Poilievre’s promises to increase supply and speed up building could eventually cool home prices (but don’t expect overnight changes).

3. If you're already a homeowner, a lower income tax rate could mean a bit more room in your monthly budget—possibly giving you breathing room for your mortgage payments or debt repayment.

4. If you’re renewing or refinancing, the policies that win out in this election might affect interest rates indirectly down the line—depending on inflation, spending, and market confidence.

🤔 So… Should You Wait?

This is the million-dollar question. Some buyers may think of waiting until after the election to “see what happens”—but real talk? There’s never a perfect time. What matters more is understanding your options now and making a plan that works for your unique situation.

As your local mortgage agent, I keep a close eye on policy changes, market shifts, and opportunities that could benefit my clients. I’ll be here to help you navigate the road ahead—election or no election.

✔️ My Advice?

• If you're thinking of buying, let's talk about what you can afford now—and what might be coming.

• If you're feeling squeezed by your current mortgage, I can help you explore refinancing or consolidation options.

• If you're just plain confused, you're not alone. Let’s chat—I’ll help you make sense of it all.

This election is stirring up a lot of talk—but I’ll be here to focus on what matters most: your goals, your budget, and your peace of mind.

Want to chat more about how these potential changes might affect you?

Reach out anytime—I’d love to help you make a plan, no matter what the headlines are saying.

Until next time,

Ammanda

Helping you find the right mortgage, one step at a time.