NDP Leader Jagmeet Singh on Sunday announced a bold plan to help families afford their first home by unlocking the financial power of the Canada Mortgage and Housing Corporation (CMHC) to offer low-interest, public-backed mortgages.

“In this election, the question is simple: when [U.S. President Donald] Trump’s tariffs hit, and costs keep rising—who will stand up for you?” said Singh. “While [Liberal Leader Mark] Carney and [Conservative Leader Pierre] Poilievre side with banks, speculators, and the same market forces that caused this crisis, New Democrats are fighting for families who just want a fair shot at owning a home.”

The NDP said that for decades, CMHC has offered preferential financial tools to big developers—supporting billion-dollar rental projects while first-time buyers are left behind. Singh’s plan will expand CMHC’s mandate to serve the people it was originally built to help: working and middle-class families trying to put down roots.

“Right now, the system is designed to mostly help the very people who made the crisis worse,” Singh said. “We’re going to change that. People are working hard and doing everything right and still can’t afford a home—that’s not fair and we’re going to make it right.”

By offering long-term, low-interest mortgages, the plan will directly reduce monthly costs and cut tens of thousands of dollars over the life of a mortgage. For example, a reduction of just 0.5% on a typical mortgage would save a family around $9,500 over five years—money people could use for groceries, childcare, or saving for their future, according to the NDP.

New Democrats said they believe homes should be for people—not profit. And that means rebalancing a system that has been rigged for too long in favour of banks and big investors.

“We’re here to support people over profits,” said Singh. “And we’re ready to fight to make sure housing in Canada works for everyone—not just those at the top.”

New Democrats said they understand the need to boost housing supply to help first-time home buyers and they will announce additional measures to do just that in the weeks ahead.

They said helping families buy their first homes complements a range of measures announced by Singh in the last week.