Prince Edward Island and Nova Scotia saw a combined 8,298 housing starts in 2023 even with hard caps on rent increases. Per capita that is 20 per cent more starts than New Brunswick.
Deputy Prime Minister and Finance Minister Chrystia Freeland announced a number of housing affordability measures Thursday that she said will help buyers get their first homes, and help current homeowners afford the homes they have.Deputy Prime Minister and Finance Minister Chrystia Freeland said new measures to help first time home buyers apply to newly built homes, including condos and townhomes.
"This, plus the Tax-Free First Home Savings Account, can be combined, which will give younger Canadians more tools to save what is actually needed," she said.Liberals extend federal low-cost construction loan program to student residences She said first-time home buyers who withdraw money from their RRSPs between Jan. 1 2022 and Dec. 31, 2025 will now have five years to begin repayments, instead of two.She said that beginning Aug. 1, first time home buyers with insured mortgages who purchase a new home will get 30 years to pay that mortgage back so "more younger Canadians can afford to pay that monthly mortgage on a new home.
She said that "depending on a homeowner's circumstances," the amortization period can be made permanent, even for people with insured mortgages, and making that change will not come with any extra fees or penalties.Waiving fees and costs that would otherwise have been charged for mortgage relief measures.
Waiving interest on interest when mortgage relief measures result in mortgage payments that fail to cover interest payments on a loan.Earlier Thursday, the parliamentary budget officer released a report saying Canada will need to build 1.3 million additional homes by 2030 to eliminate the country's housing gap. The new report looks at how many more homes are needed to restore Canada's vacancy rate to its historical average.
The Canada Mortgage and Housing Corporation has said Canada needs to build 3.5 million more homes by 2030 to restore affordability to 2003-04 levels.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Just a drill: Canadian Army to train in Prince Edward CountyThe public may see soldiers in uniform and an increase in military traffic on local roads and highways
Read more »
Prince Edward County in Ontario is a top spot for a getaway from TorontoPrince Edward County in Ontario is best known for its wines and ciders but there is so much more on offer to get you outside and exploring. If you'...
Read more »
‘First of its kind’ transitional housing opens in Prince Edward CountyLeeward House is expected to welcome its first residents in the coming days.
Read more »
World champion Arendz continues to clobber competition in biathlonPara Nordic World Cup win guarantees Prince Edward Islander his second FIS Crystal Globe
Read more »
World champion Arendz continues to clobber competion in biathlonPara Nordic World Cup win guarantees Prince Edward Islander his second FIS Crystal Globe
Read more »
Fire destroys Toronto's Ward’s Island Associate Clubhouse, Island CaféA fire that destroyed a beloved Toronto Islands landmark Sunday morning has left residents, politicians, and visitors reeling.
Read more »