4/3/2023 0 Comments Federal budget![]() ![]() ![]() As the new policy will require legislation, it must still be up for debate in the House of Commons - once passed though, it will give the government judicial powers to penalize non-compliance. Refugees and others coming to Canada under emergency travel measures would also be exempt. However, this will not extend to those who are purchasing a primary residence in Canada, permanent residents, foreign workers, or students. A Ban on Foreign BuyersĪs reported yesterday, the federal government will be implementing a two-year ban on residential property purchases made by foreign nationals. Today’s budget is looking to alleviate some of these pressure, with new slew of housing measures. While steep home prices are even more acute in the nation’s largest markets - hovering at $1.3M across all home types in both the Greater Toronto and Vancouver regions - steep sellers’ market conditions over the course of the pandemic have also driven prices to new highs in smaller cities and rural markets across the nation. According to the Canadian Real Estate Association, the average national home price hit an all-time high of $816,720 in February, a 65% increase from the $494,000 recorded the same month seven years ago. That housing affordability has eroded significantly since the party took power in 2015 as been a stick in the fed’s craw, and a sore point for voters. There are also new taxes and restrictions on the docket, bringing to fruition a number of promises the Liberals made at campaign time. Part of that sum - $10B over five years - is to be doled out in efforts to create new housing supply. ![]() The economy contracted 17% during the pandemic, stated Freeland in the budget’s reading - the deepest recession since the 1930s. Over $100B in spending is to be rolled out - proceeds from the recent windfall garnered by rising oil prices - as the feds eschew attempts to balance the record deficits resulting from COVID-19 relief efforts in favour of new stimulus. This budget is the first spending commitment announced since the government formed a supply-and-confidence agreement with the federal New Democrat Party, in exchange for no election call until 2025. Ban on Foreign Buyers to Be Included in Federal Budget.Federal Government Launches New Tax-Free First Home Savings Account for First-Time Buyers in Budget.Canada to Ban Blind Bidding As Part of Home Buyers’ Bill of Rights.The long-awaited Federal Budget has arrived, and Canada’s housing crisis is a front-and-centre focus.įinance Minister Chrystia Freeland has tabled the 2022 budget in the House of Commons and - unlike last year’s, which centred squarely on pandemic economic recovery - today’s tome encompasses some of the sharpest housing measures ever from the federal Liberals, who face the heady challenge of taming soaring housing prices, boosting supply, and addressing investor speculation. ![]()
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