click to enable zoom
We didn't find any results
open map
View Roadmap Satellite Hybrid Terrain My Location Fullscreen Prev Next
Your search results

The Government of Canada’s: A Plan to Grow Our Economy and Make Life More Affordable Highlights

Posted by will-rbteam on April 18, 2022

Canada’s Minister of Finance released the 2022 federal budget. The Government of Canada’s A Plan to Grow Our Economy and Make Life More Affordable includes measures to address housing affordability – the largest spending item in the entire budget.

Highlights include:

  • First Home Savings Account: tax-free savings account to contribute up to $8,000 per year – withdrawal entirely tax-free
  • Municipal funding to build more homes: delivering $4 billion in incentives for municipalities to accelerate permit and approval processes, with the goal of building 100,000 new units over the next five years nationally
  • Doubling First-Time Home Buyers’ Tax Credit: to $10,000 for homes purchased on or after January 1, 2022.
  • Extending First-Time Home Buyer Incentive: to March 31, 2025
  • Ban on foreign investment in Canadian housing: for the next two years – this will apply to condominiums, apartments, and single-residential units. Permanent residents, foreign workers, and students will be excluded
  • Multigenerational Home Renovation Tax Credit: new refundable tax credit to renovate homes to accommodate aging parents or family members with a disability – able to claim 15% up to $50,000, a maximum refund of $7,500 per project
  • Creating national public beneficial ownership registry: accelerating by two years its commitment to amend the Canada Business Corporations Act to implement a public and searchable beneficial ownership registry, now accessible before the end of 2023
  • Homebuyers’ “Bill of Rights”: would ban the traditional offer process to ensure an open offer process – similar to the auction process seen in countries like Australia and New Zealand – mandatory for all buyers and sellers to keep prices low and increase transparency

    Stay updated on the local real estate market. Sign up for our Weekly Market Barometer including listing & sales data, average sale price for single family, condos and vacant land plus notable sales and market trends.

      Please sign me up to receive the Weekly Local Market Report

      Your Name (required)

      Your Email (required)

      Search our Blog

    Compare Listings