PM Unveils Measures to Make Houses More Affordable
Prime Minister, Justin Trudeau, on Wednesday, highlighted key measures included in Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable to improve housing affordability for Canadians.
The measures proposed in Budget 2022 include:
– Putting Canada on the path to double housing construction over the next decade, including by investing $4 billion for the launch of a new Housing Accelerator Fund that will help create 100,000 new housing units over the next five years; and providing $1.5 billion to extend the Rapid Housing Initiative and create at least 6,000 additional affordable housing units across Canada.
– Helping Canadians buy their first home by introducing the Tax-Free First Home Savings Account to allow first-time home buyers to save up to $40,000; doubling the First-Time Home Buyers’ Tax Credit to $10,000, providing up to $1,500 in direct support to home buyers; extending the First-Time Home Buyer Incentive to March 31, 2025, to allow first-time home buyers to lower their borrowing costs; and investing $200 million to help develop and scale up rent-to-own projects across Canada.
– Curbing unfair practices that drive up the price of housing by imposing a two-year ban on foreign capital coming into Canada to buy residential real estate; and taking steps to make property flippers pay their fair share.
– Protecting home buyers by working with provinces and territories to develop and implement a Home Buyers’ Bill of Rights and bring forward a national plan to end blind bidding.
Budget 2022 proposes targeted and responsible investments to give all Canadians a safe and affordable place to call home. This is part of our plan to make life more affordable, create jobs and prosperity today, grow the middle class, and build a stronger economic future for everyone.
“Making life more affordable for Canadians starts with addressing housing affordability. All Canadians deserve a safe place to live, raise their families, and build their future. Budget 2022 will put home ownership in reach for more Canadians, while creating jobs and growing the economy,” Trudeau said.