Yesterday, the Liberals released their much-anticipated federal budget. Shifting gears from 2021, when the country was in the middle of its COVID battle, this year's budget is less than half the size of last year's -- in both length and financial commitment.
But, of the items and topics addressed in a major way, it should come as no surprise that housing was a top priority. Over the course of the pandemic, housing prices have grown at a record pace in nearly every urban centre -- and in many smaller cities and towns -- across the country. This has lead many Canadians to feel as though they've already lost their home buying dream, a dream that has long been tied to Canadian identity.
So, how are the Liberals aiming to tame soaring housing prices, while also boosting supply, and addressing investor speculation (among several others aspects of the housing crisis)? Catch up on all the answers below.
The Liberals are promising to invest $10B over five years, to be doled out in efforts to create new housing supply.
Over the next year, Minister of Housing and Diversity and Inclusion Ahmed Hussen will engage with provinces and territories “to develop and implement a Home Buyers’ Bill of Rights and bring forward a national plan to end blind bidding.”
A Tax-Free First Home Savings Account, which will help first-time homebuyers save as much as $40,000, has been announced.
The proposed tax would affect homeowners who sell a principal residence that they’ve held for less than 12 months.
The feds unveiled a plan that would double housing construction by 2030, with a focus on increasing supply for middle-class buyers via a Housing Accelerator Fund.