Treasury Secretary Chrystia Freeland has taken a number of steps to curb speculation and demand amid record housing prices by announcing the federal budget for the year. The government has announced a two-year ban on foreigners buying homes as well as higher taxes on those who sell their homes within a year, although both measures include multiple exceptions, including permanent residents and foreign students. The budget also includes billions for new homes and measures to help Canadians trying to enter the market, including a new savings account and tax credit changes for first-time homebuyers. The government is under pressure to cool an overheated market after prices rose more than 20% last year, while rental prices are also rising. The Federal Liberal Government also promises $ 500 million ($ 397 million) in additional military assistance to Ukraine, as well as more humanitarian and financial support in Kyiv in response to the Russian invasion. Canada has responded to months of pressure from NATO’s military alliance and others by pledging more than $ 8 billion in new military spending over the next five years. Canada will fall far short of NATO’s goal of spending 2% of GDP, even as other allies dramatically increase their own military investment following Russia’s invasion of Ukraine. Last month, the Canadian government announced it had selected Lockheed Martin Corporation and the F-35 as its preferred bidder in a tender to purchase a new fighter jet.
