Government policy is hugely biased towards homeowners and against renters. It would be more equitable to help renters more, perhaps by helping them become (first-time or partial) homeowners. Two schemes:
1) Government could put up down payments for first-time buyers in exchange for say 50% of the home equity. Buyers obtain a normal mortgage loan. Such buyers can optionally pay back the down payment over time and get 100% equity or govt regains their share of equity after a sale.
2) Government could offer landlords payments for equity in rented property and convert willing renters into owners. Renters can pay back the government over time to gradually gain equity. Landlord shares ownership with govt and some or all renters.
In Canada it's based toward landlords, not homeowners. If I own the home I live in, I have tax disadvantages over renting.
If I rent my property to somebody else, I can write off way more things like the mortgage interest portion.
1) Government could put up down payments for first-time buyers in exchange for say 50% of the home equity. Buyers obtain a normal mortgage loan. Such buyers can optionally pay back the down payment over time and get 100% equity or govt regains their share of equity after a sale.
2) Government could offer landlords payments for equity in rented property and convert willing renters into owners. Renters can pay back the government over time to gradually gain equity. Landlord shares ownership with govt and some or all renters.