New federal budget focused on helping first-time homebuyers
The federal budget was announced Thursday and the Trudeau government is trying to help younger Canadians get into the housing market.
Billions of dollars are earmarked for housing aimed at first-time homebuyers as the budget tries to build up supply to meet demand while also offering some tax breaks.
"We will make it easier for our young people to get those first keys of their own," said Chrystia Freeland, the federal finance minister.
As part of the budget, the federal Liberals are pledging a two-year ban on foreign home purchasing, something they say has led to a market increase.
"We will make sure that houses are being used as homes for Canadian families, rather than a speculative financial asset."
Stacey Burrows, who is a real estate agent in Winnipeg for Remax, said foreign purchasing is a problem in other provinces, but not as much in Manitoba.
"That isn't a traditional, typical buyer that we have here," said Burrows.
She added the problem a first-time homebuyer deals with in Winnipeg is low supply and high demand.
"There are far more buyers that are looking than homes available and there's a few things impacting that. Traditionally we're seeing in more that mature age range that those people are staying in their homes longer."
To help improve the housing stock, the federal budget is promising $4 billion over five years for municipalities to foster 100,000 new units.
Coun. Cindy Gilroy, who is the chair of the city's Property and Development committee, said the city needs half a million dollars to hire a consultant to make zoning changes needed for a plan to build up, not out.
"What we really want to do with the infill strategy, we are really looking at increasing density by 50 per cent," said Gilroy.
Also included in the budget is a $40,000 tax-free savings fund for first-time home owners, doubling the First Time Home Buyers Tax Credit to $10,000 and a promise of $1.5 billion for rapid housing over two years to build 6,000 units.
The budget also includes $4.3 billion for Indigenous housing.
Premier Heather Stefanson is expected to comment on the budget on Friday, while Mayor Brian Bowman said in a statement that he is happy to see affordable housing investments, but he said making the doubling of the gas tax revenue permanent and new money for transit was missing from the budget.
CTVNews.ca Top Stories
BREAKING Donald Trump picks former U.S. congressman Pete Hoekstra as ambassador to Canada
U.S. president-elect Donald Trump has nominated former diplomat and U.S. congressman Pete Hoekstra to be the American ambassador to Canada.
Genetic evidence backs up COVID-19 origin theory that pandemic started in seafood market
A group of researchers say they have more evidence to suggest the COVID-19 pandemic started in a Chinese seafood market where it spread from infected animals to humans. The evidence is laid out in a recent study published in Cell, a scientific journal, nearly five years after the first known COVID-19 outbreak.
This is how much money you need to make to buy a house in Canada's largest cities
The average salary needed to buy a home keeps inching down in cities across Canada, according to the latest data.
'My two daughters were sleeping': London Ont. family in shock after their home riddled with gunfire
A London father and son they’re shocked and confused after their home was riddled with bullets while young children were sleeping inside.
Smuggler arrested with 300 tarantulas strapped to his body
Police in Peru have arrested a man caught trying to leave the country with 320 tarantulas, 110 centipedes and nine bullet ants strapped to his body.
Boissonnault out of cabinet to 'focus on clearing the allegations,' Trudeau announces
Prime Minister Justin Trudeau has announced embattled minister Randy Boissonnault is out of cabinet.
Baby dies after being reported missing in midtown Toronto: police
A four-month-old baby is dead after what Toronto police are calling a “suspicious incident” at a Toronto Community Housing building in the city’s midtown area on Wednesday afternoon.
Sask. woman who refused to provide breath sample did not break the law, court finds
A Saskatchewan woman who refused to provide a breath sample after being stopped by police in Regina did not break the law – as the officer's request was deemed not lawful given the circumstances.
Parole board reverses decision and will allow families of Paul Bernardo's victims to attend upcoming parole hearing in person
The families of the victims of Paul Bernardo will be allowed to attend the serial killer’s upcoming parole hearing in person, the Parole Board of Canada (PBC) says.