Yesterday the federal government tabled the 2022 federal budget. While it seems that we are getting away from the spend your way out of the pandemic, this one seems more focused on the need to improve access to housing for Canadian’s. Here is how it is going to effect the real estate sector.
- They will invest 4 Billion over 5 years starting this year on a new housing accelerator fund aimed at increasing municipal housing.
- $1.5 Billion over the next two years on a rapid housing initiative with 25% aimed at financing for Women focused housing projects.
- A $7,500 tax credit to renovate your home or create a back yard suite for family or someone with a disability.
- The creation of a new tax free savings account for those under 40, that will allow first time home buyers to save