New federal budget outlines upcoming housing initiatives

• By Mike Heddle
• Posted Monday, Apr 18, 2022 4:24 pm

New federal budget outlines upcoming housing initiatives

Last week, the federal government announced their new budget and with it, brought many new initiatives targeting the housing market. As housing affordability and availability have become ever-increasingly hot topics in Canadian politics, the Liberal government has proposed a diverse set of initiatives to increase supply, reduce demand, and make home-buying more accessible to Canadians. The budget laid out the government's plan to invest over $10 billion in housing initiatives in the next five years, lets's take a look at some of these new initiatives and what they can mean for you.

Cracking down on foreign buyers and speculators

One of the biggest new developments proposed in the 2022 budget is a ban on almost all foreign buyers in an attempt to lower demand and upward pressure on prices. The two-year ban would make good on an election promise from the Liberals that many thought would never materialize. 

While the impact of foreign buyers on home prices in Canada is contentious, it does make for a convenient way for the government to take pressure off the market and win favour with voters without affecting Canadian homebuyers’ ability to enter the market.

Another measure proposed would target...[READ MORE]