Election Day 2015–Who will win?
After a 78-day-long campaign, Election Day 2015 is finally here and registered voters from all over Canada are heading to the polls to take part in one of the most significant federal elections our Country has seen. It all comes down to today—Elections are historic, but they are also symbolic. They represent the importance of leadership, economic health, and foreign policy to Canadians. The primary question on everyone’s minds today, however, is “Will our country still be governed by a Harper Government? If not, who will take over?”
This is the first time in history that three major parties have been in the lead at some point during the seemingly gruelling campaign. At the local level, however, it is difficult to predict who will come out on top. The popularity of a candidate in one particular riding can distort our perception of what the actual outcome will be.
Throughout the federal electoral campaign, a major topic of discussion was the federal budget and the future of the economy. What was interesting, however, was the role the housing sector played in the campaign. Although there were discussions of about affordable housing and both Liberals and Conservatives vowed to boost RRSP withdrawal limits for new homebuyers, real estate could have received more coverage. Furthermore, having access to more RRSP funds isn’t guaranteed to solve affordability—the program could merely increase the number of people bidding on the same million dollar homes, creating a higher demand while decreasing supply. To add to that, the if Bank of Canada stays true to its word of not drastically increasing the key lending rate, it’s difficult to picture the housing market cooling down. Just about anything is possible, though.
Considering the Canadian real estate market is not only a popular discussion at dinner tables and around water coolers, it has also seen historical moments throughout the campaign, especially in cities such as Vancouver and Toronto. The Canadian housing sector amounts to $4 trillion of Canadians’ wealth, which equates to around seven per cent of the GDP. As a cornerstone of our economy’s health, and a leading driver for growth over the past several years, it not only kept us afloat during the Great Recession, it literally pulled us out of it, while other sectors such as energy, manufacturing and exports deteriorated.
As real estate professionals, we need to remember that home ownership remains a reliable investment, not only financially, but for our family and future generations of Canadians. Even amid turbulence in other sectors, it’s a critical foundation that Canadians can build their savings upon.
So who will win the Canadian Federal Election? Canadians will. The past 78 days have been intense, and ultimately it is up to us to decide what vision of Canada has been the most convincing. If you have not already done so, please head to your polling station and make your vote count. Be prepared, as there are reports of very long lines and also remember to bring appropriate ID and proof of address. For more information on how to vote, visit the Elections Canada website.