Freeland made the announcement during the unveiling of a new modular housing project in Surrey, BC, where it said “housing is a basic human need and we need to make sure everyone in Canada has a place to call home.” The new project will include 44 units and will be aimed at women who are experiencing or are at risk of homelessness. As previously announced in the budget last week, Freeland said the Canadian government is doubling the tax credit for first-time home buyers to $ 10,000, which will apply to homes purchased Jan. 1 or later. also extends until March 31, 2025, Freeland added. The story goes on under the ad In addition, a tax-free first home savings account will allow first-time home buyers to contribute up to $ 40,000 and first home purchase withdrawals will not be taxed. The government is also imposing a two-year ban on foreign capital entering Canada to buy residential real estate, including ensuring that real estate flippers pay their share of the tax and work to promote a national plan to end blindness. “We need accessible housing for everyone, and that means we need to take significant steps to ensure that an entire generation of Canadians will not be costly by owning a home,” Freeland said. “The 2022 budget represents the most ambitious plan Canada has ever had to address this fundamental challenge.” 2:12 Federal politicians fight for affordable housing in BC He acknowledged that the biggest problem facing Canadians was the supply of housing and that it was not an issue to be addressed tomorrow. Trending Stories

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The story goes on under the ad For those who want to live in a multi-generation home, they can now apply for a home renovation tax credit that provides up to $ 7,500 to build a minor home suite. The budget promised $ 1.5 billion in funding for the Rapid Housing Initiative, which is helping to quickly build homes for vulnerable people. At least a quarter of this is for women-focused projects. The Liberals’ budget also announced more than $ 10 billion in funding to speed up the construction and repair of homes, along with measures to cool the market and help those trying to buy their first home. However, supporters say that while the focus on affordable housing in the federal budget is promising, its measures could go further to help people in dire need.

		Read more: Federal budget needs more targeted housing support, advocates say

A report last month by the BC Municipalities Association (UBCM) found that while the BC housing inventory is growing, many of these new homes remain unaffordable. The report shows that the province’s population grew by 7.6 percent while the number of dwellings increased by 7.2 percent between 2016 and 2021. In some major cities – including Vancouver, Kelowna and Victoria – the supply of new housing has actually outpaced local population growth, according to the report. The story goes on under the ad However, UBCM said investor-oriented real estate practices and the reversal of pre-sale, among other practices, continued to drive up housing prices, making it particularly difficult for first-time homebuyers. The province has recognized the need for more housing supply and has even invoked the idea of ​​overrunning municipalities to speed up the pace of approving new developments. Legislation was also introduced last month for a “relaxation period” to stop the so-called blind bidding for home purchases. However, industry representatives have expressed concern that the move would simply push more risks to sellers and do little to address the market as a whole. 4:07 BC reaction to housing investments of the federal budget BC reaction to federal budget housing investments – with archives from Sean Boynton and the Canadian Press © 2022 Global News, part of Corus Entertainment Inc.