CTV: Federal budget to include ban on foreign home buyers, billions for housing
https://www.ctvnews.ca/mobile/politics/ ... -1.5850968
Honestly, I think these mechanisms will just cause prices to go up.Housing affordability is going to be a main feature of tomorrow’s federal budget, CTV News has learned, including moving to make it illegal for foreigners to buy any residential properties in Canada for the next two years.
The government is set to follow through on a series of 2021 Liberal campaign commitments as part of the 2022 budget, including implementing a new “tax-free First Home Savings Account” that will allow Canadians under 40 to save up to $40,000 towards their first home. The overall housing package is expected to total approximately $10 billion over the next five years.
The foreign buyers ban will apply to condos, apartments, and single residential units. Permanent residents, foreign workers, and students will be excluded from this new measure. Foreigners who are purchasing their primary residence here in Canada will be exempt.