Breaking: Federal government to ban foreigners from buying homes in Canada as part of $10B housing plan
The federal government’s budget will put $10 billion into breaking the back of unaffordable housing.
“The affordability issue is widespread, and it’s creating very significant wealth and inequality issues that will stay for the long term,” says Jimmy Jean, the chief economist at Desjardins Capital.That has to change, and the Liberals hope that — after several budgets that nibbled at the edges of the housing market — this time it’s different.
There will be $4 billion in incentives for municipalities to accelerate their permitting and approvals of home-building, with the goal of building 100,000 more units over the next five years. As highlighted in last year’s election campaign, the federal government will move to ban foreign investment in Canadian housing for the next two years. The aim is to dampen speculation in the markets that may be driving prices up beyond the reach of people who actually live here.
And they’ll commit to studying how corporate residential companies are buying up large quantities of housing and lumping them together in speculative investment funds, rather than leaving the real estate market for individuals looking to live somewhere.Legislation will be required for some of the measures. It will come soon but will still require debate in the House of Commons.
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.
Opinion: It’s time for Russian diplomats in Canada to go homeIt is repugnant that we pretend to any normalcy in diplomatic relations with Russia, given the horrific war crimes in Ukraine
Read more »
Opinion: When it comes to zero-emissions vehicles, Canada is pushing the wrong policiesNow is the time for the federal government to work with the automotive industry on the road to 2035
Read more »
Opinion: Canada needs a dose of economic realpolitikWith autocrats and everyone else playing the game of realpolitik, Canada should have no reservations about taking part on our own terms
Read more »
Democratic, GOP Senate bargainers reach $10B COVID agreementSenate bargainers have reached agreement on a slimmed-down $10 billion package for countering COVID-19 with treatments, vaccines and other steps, the top Democratic and Republican negotiators said, but ended up dropping all funding to help nations abroad combat the pandemic.
Read more »
Democratic, GOP Senate bargainers reach US$10B COVID-19 agreementU.S. Senate bargainers have reached agreement on a slimmed-down US$10 billion package for countering COVID-19, the top Democratic and Republican negotiators said Monday, but the measure dropped all funding to help nations abroad combat the pandemic.
Read more »
U.S. Judge Aquilina urges Sport Canada to heed gymnasts' call for investigationCanadian gymnasts remain steadfast in their calls for an independent investigation into the toxic culture and maltreatment of athletes, and are angry they weren't provided a seat at the Canadian sport minister's recent roundtable.
Read more »