By Cheryl Jahn

Housing “centrepiece” of federal budget

Apr 7, 2022 | 4:22 PM

OTTAWA – Calling it an economic imperative and the centrepiece of this budget, Finance Minister Chrystia Freeland committed $10 billion to new housing.

“Over the next ten years we will double the number of new homes we will build.”

That includes $4 billion to municipalities over five years to that endeavor as part of what is called the Housing Accelerator Fund, $1.5 billion over two years for affordable housing and $4.3 billion for indigenous housing. Minister Freeland noted it was everyone’s collective effort to making sure it happens.

“What is new and important to this budget is a focus on supply. What is new is an understanding that what we need to do as a country is find ways to tear down the barriers to building new homes. Many of those barriers are at the municipal level.”

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The budget creates what’s called a Tax-Free First Home Savings Account that would give prospective first-time home buyers the ability to save up to $40,000 similar to a tax-free savings account. Tax-free in, tax-free out. It also doubles the First-Time Home Buyers’ Tax Credit amount to $10,000, to apply to homes purchased on or after January 1, 2022.

The budget also sets protections from foreign ownership.

“We will prevent foreign investors from parking their money in Canada by buying up homes. We will make sure that houses are being used as homes for Canadian families rather than a speculative financial asset class.”

With budget 2022, the federal government has committed to what it calls its most ambitious plan, by doubling the number of homes in Canada in 10 years.