The government is going to meet a series of Liberal campaign commitments for 2021 as part of the 2022 budget, including the implementation of a new “tax-free first home savings account” that will allow Canadians under the age of 40 to save up to $ 40,000 for their first home. The total housing package is expected to reach about $ 10 billion over the next five years.
The ban on foreign buyers will apply to apartments, flats and houses. Permanent residents, foreign workers and students will be excluded from this new measure. Foreigners buying their main residence here in Canada will be excluded.
The policy change will be enacted, giving the government the power to impose sanctions and possible judicial powers to deal with non-compliance, according to a government source. There is still no cost to this measure of foreign buyers.
Among the many promises focused on housing on the party platform, the Liberals promised to ban foreign currency buying in Canada for the next two years and to work with provinces and territories “to better regulate the role of foreigners.” buyers in the Canadian housing market “.
Given the narrowness of housing, the lack of stocks and the skyrocketing prices, CTV News has learned that Thursday’s budget will also include:
$ 4 billion to help municipalities update landscaping and licensing systems to allow for faster housing construction. $ 1 billion to build affordable housing. and $ 1.5 billion in loans and financing for co-op housing.
It remains unclear how many housing units will be created with these cost measures.
“The goal is to keep homes in Canada for Canadians,” a government official told CTV News on a non-performing basis.
More are coming …
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