"New tax-free home savings account and budget plan to tackle housing affordability"
This is a beefy article. Lots of great info on what to expect in housing for the next while. The key points are:
- Government pledges to double pace of new home construction to 400,000 annually to target supply issues
-The government is proposing a two-year ban on purchases of residential real estate by people and companies who aren't citizens or permanent residents.Refugees, some international students and people with work permits would be exempt from the policy
-a Tax-Free First Home Savings Account. It's "tax-free in, tax-free out," as the budget puts it.
- The budget also includes a pledge that anyone buying and selling a property within a year "would be considered to be flipping properties and would be subject to full taxation on their profits."
- The government also vowed to bring forward a Home Buyer's Bill of Rights that would include, among other initiatives, an end to blind bidding — the practice in many Canadian jurisdictions that compels would-be home buyers to make their offers without knowing what others are bidding.
- There's also a tax rebate meant to encourage Canadians to renovate their homes, worth up to $7,500, to build a secondary suite for a senior or an adult with a disability.
I encourage a full read, this article is important for every stage of home ownership from renting, first time buyers, to investors.