2022 Federal Budget: Everything Housing-Related You Need to Know
Yesterday, the Liberals published their highly 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.
It should not be surprising that housing was one of the most important topics and items. 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.
What is the Liberals doing to reduce soaring home prices and increase supply? AndWhat can be done to address investor speculation? All the answers are below.
Federal Budget Takes Action on Money Laundering and Speculative Real Estate Investment
Liberals promise to invest $10B in five years to help create new housing supply.
Canada to Ban Blind Bidding As Part of Home Buyers’ Bill of Rights
Ahmed Hussen, Minister of Housing and Diversity and Inclusion, will be engaging with the provinces and territories over the next year. “to develop and implement a Home Buyers’ Bill of Rights and bring forward a national plan to end blind bidding.”
Budget: New Tax-Free First-Time Home Savings Account
A tax-free account for first-time homebuyers, the First Home Savings, has been created.
Ottawa will implement Canada-Wide Anti-Flipping Tax
The proposed tax would affect homeowners who sell a principal residence that they’ve held for less than 12 months.
Federal Liberal Budget includes Billions for Housing Accelerator Fund
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.
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Source: Storeys
