Speaking in Montreal on Monday to outline last week’s federal budget, which includes several initiatives aimed at first-time homebuyers, Freeland suggested that housing is “the current economic challenge today.” “One of the things that bothers me the most as someone who is shocked to say that is 53 years old is the injustice between the generations,” Freeland told reporters. “We had a better chance of buying a home and starting a family than young people today, and we can not have a Canada where the rising generation is excluded from the dream of owning a home.”
Read more: Budget 2022: Tax-free savings account for first-time homebuyers
The story goes on under the ad Freeland said the “main problem” was the lack of housing across the country. The budget, he said, aims to address that. “We can not have the fastest growing population in the G7 without also having the fastest growing stock of housing,” he said. The Liberal government plans to spend $ 10.14 billion on housing over the next five years, according to last week’s budget. The document includes plans to double the pace of housing construction in Canada over the next decade, support those already struggling with housing and curb speculation in the industry. The budget is also seeking to introduce a new Tax-Free First Home Savings Bank (TFFHSA) to help Canadians struggling to enter the housing market save on the cost of an advance. Trending Stories
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Real estate applicants could save up to $ 8,000 per year up to a maximum of $ 40,000 per person to purchase a first home. 2:14 Budget 2022: Will the federals be able to afford affordable housing? Budget 2022: Will the federal government be able to meet the affordability of housing? Many young Canadians have talked about the struggle to enter the real estate market as housing costs continue to rise. The average price of a home in Canada reached a new record high of $ 816,000 in February. The story goes on under the ad The budget predicted that Canada would need to build about $ 3.5 million by 2031 to improve affordability, and set plans to double the country’s annual construction rate over the next decade from 200,000 units a year. Interim Conservative leader Candice Bergen has criticized the federal government’s timing of failing to help Canadians seeking entry into the housing market today. “We are seeing a housing program being announced, as in the typical liberal way, which in fact will not result in either a house being built or bought this year,” he told reporters after the budget was announced on Thursday.
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The NDP said the budget includes spending incentives driven by the party, including $ 1.5 billion for new affordable housing and $ 4.3 billion for new indigenous housing. $ 1.5 billion will be invested in Canada Mortgage and Housing Corp. Rapid Housing initiative, which will be extended by two years. However, NDP leader Jagmeet Singh continues to criticize the budget, saying it is not enough. Freeland said Monday that the federal budget is “absolutely” aimed at building more homes across the country as soon as possible. The story goes on under the ad “This will be your long-term answer to the housing problem in Canada,” he said. – With files by Craig Lord © 2022 Global News, part of Corus Entertainment Inc.
