Justin Trudeau pledges new funding for affordable housing, tax breaks for developers

Liberal Leader JustinTrudeau on Wednesday morningpledgedtax breaks to developers in an effort to boost the availability of affordable housing across the country.

Trudeaureleased his party's housing policy during a campaign stop in downtown Torontopart of itspledgeto commit $20 billion over 10years in what he called "socialinfrastructure" spendingif the Grits are elected on Oct. 19.

The plan would provide $125 million per year in tax incentives for developers and landlordsto build and renovate rental units, and would makeinvestment in affordable housing and residences for seniors a priority.

• LIVE BLOG|Get breaking news from the campaign trail
• Trudeau would loosen PMO control, reverse trend started by father
• Trudeaupromises employment insurance reforms
• Health care, environment largely ignored in campaign so far

"Investing in social housing is much more than putting a roof over people's heads. It also creates stable, well-paid jobs that families can rely on," the Liberal leadersaid during his speech at the Alexandra Park Community Centre.

The community centre is a central hub for a neighbourhood in the midst of arevitalization project run by the Toronto Community Housing Corporation, which operates social housing projects in the city.

"We know that access to affordable and safe housing is part of the solution to many social issues, such as child poverty, student debt and our ability to help people with serious mental health issues and addiction."

Trudeau saidthe Liberalswould offer Canadians new ways to tap into their RRSPs to finance the purchase of a home if they have to move for work,if they takein an elderly relative, orafter the death of a spouse.

He said it makes sense to allow people who face a sudden or unexpected change in their lives "to be able to invest in stability in a way that will help them in the long term as well."

"I think our proposal to extend the capacity to invest to draw from your RRSPs and responsible amounts to help the cost of a new home is something that will help Canadians in concrete ways," Trudeau said.

"The reality is that too many Canadians cannot afford to buy a house."

And in an echo of a recently announced Conservative policy the Liberalswould review the cost of housing in high-priced markets like Vancouver and Toronto in an effort to better understand what is driving up prices of condos and homes.

Conservative Leader Stephen Harper last month pledged money to study the impact of foreign buyers on Canadian real estate.Harper hinted that his party would look into ways to curb foreign ownership of Canadian homes a theme Trudeau also picked up on.

"If there are issues of speculation, then yes, the federal government has potential tools to step in, in concert with the province and the municipalities who, of course, know best what challenges their communities are facing," Trudeau said, a day before he campaigns in Vancouver.

The Tories have also vowed to raise the amount Canadians can borrow from their RRSP to finance the purchase of their first home.

Battleground riding

Trudeau made the announcement in Spadina-Fort York, a downtown Toronto ridingexpected to be a hotly contested battleground on election day. It is currently held by Liberal Adam Vaughan, a former Toronto city councillor who won the seat in a byelection after NDP stalwart Olivia Chow stepped down to mount an unsuccessful campaign for mayor of Toronto.

Chow is now challenging Vaughan in a race that has so far focused heavily on the price of housing in the city, particularly in the downtown core.

Spadina-Fort York incorporates much of the territory Chow held for years in the now non-existent riding of Trinity-Spadina, which disappearedwhen federal electoral boundaries were redrawn.

Trudeau is scheduled to fly later Wednesday to Edmonton, where he will meet with Mayor Don Iveson and hold a rally with supporters.

Mobile users, follow the live blog here.