The federal budget released Tuesday contained measures to help first-time home buyers and increase housing supply.
The federal budget offers incentives aimed at making housing more affordable for first-time buyers, but it remains to be seen whether they’ll work in the overheated B.C. housing market.
It’s expected that about 100,000 first-time home buyers across Canada could benefit over three years. “These prices are so uncoupled with local incomes that you’re trying to offer these types of financing and borrowing devices to kind of bridge this decoupling,” Yan said. “I think that there’s likely going to be a series of unintended consequences.”In February, the benchmark price for a detached home in Metro Vancouver was $1.44 million, and a townhouse was $789,300. The benchmark price of an apartment was $660,300.
The federal government also plans to raise the maximum amount a first-time buyer can withdraw from an RRSP: $35,000, up from $25,000. The budget also reiterated the government’s 10-year, $40-billion national housing strategy to build 100,000 new affordable-housing units, repair 300,000 more and reduce chronic homelessness by half.
“It’s a very interesting proposition because we’ll now have some attention focused in what I hope will be a co-ordinated way by the federal government and the province to tackle in a serious way this challenge of new supply,” Armstrong said. “I think there will be some interesting ideas emerging from that process.”
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