Treasury Secretary Chrystia Freeland has taken a number of steps to curb speculation and demand amid record house 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 people selling 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 changes in tax credit 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.
