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
'My family doctor just fired me': Ontario patients frustrated with de-rostering
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
Canada Post cracks down on Nunavut loophole to get free Amazon Prime shipping
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
Man ticketed after allegedly trespassing again at Drake's Bridle Path mansion to get his bike
A man who tried to access Drake’s Bridle Path mansion earlier this week returned to the property Saturday and was apprehended again for allegedly trespassing, Toronto police say.
Millions of Canadians have been exposed to potentially toxic chemicals, and they're not going anywhere
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
Election deniers: West Virginia voters must pick from GOP candidates who still dispute 2020 election
When West Virginia Republicans vote in Tuesday's primary, they will have a hard time finding a major candidate on the ballot in any statewide race who openly acknowledges that U.S. President Joe Biden won the 2020 election.
'I am angry': Alberta farmers will continue fight over world class motorsport resort
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
'It was violent': Police tear down U of A pro-Palestinian encampment Saturday morning
Multiple people at the protest camp torn down at the University of Alberta campus Saturday say police's actions against protesters were "violent" and "disproportionate."
Adopted daughter in the Netherlands reunited with sister in Montreal and mother in Colombia, 40 years later
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
'Reimagining Mother's Day': Toronto woman creates Motherless Day event after losing mom
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.