Title: Measures to Help Canadians Buy or Rent a Home Announced by Deputy Prime Minister
Date: October 25, 2024
Source: Canada All National News
Byline: N/A
Article:
Today, the Deputy Prime Minister of Canada outlined a comprehensive set of measures aimed at assisting Canadians in purchasing or renting affordable housing. The announcement comes amidst rising concerns about the increasing cost of housing in the country.
Key Measures:
For First-Time Homebuyers:
- First-Time Home Savings Account (FHSA): A new tax-free savings account with a maximum contribution limit of $40,000. Withdrawals from the FHSA can be used towards a down payment on a first home.
- Increased First-Time Home Buyer Incentive (FTHBI): The FTHBI will be enhanced to provide down payment assistance of up to 15%, with a maximum purchase price of $500,000.
- Down Payment Assistance Program: A new program to provide down payment assistance to first-time homebuyers from underrepresented groups.
For Renters:
- Rental Assistance Program: A new program to provide rent subsidies to low-income tenants.
- Tenant Protection Act: Amendments to strengthen tenant rights, including rent control measures and protections from renovictions.
- Increased funding for community housing: Additional funding for the construction and maintenance of affordable housing units.
Other Measures:
- Tax on vacant homes: A new tax on homes that are unoccupied for six months or longer.
- Foreign Buyers Ban Extension: The ban on foreign buyers of residential properties will be extended for three years.
- Increased supply of housing: Measures to encourage the construction of new housing units, including incentives for developers and measures to streamline the approval process.
Quotes from the Deputy Prime Minister:
“Housing is a basic human need, and it is our government’s responsibility to ensure that all Canadians have access to affordable housing,” said the Deputy Prime Minister. “These measures will help first-time homebuyers save for a down payment, provide assistance to renters, and increase the supply of housing in our communities.”
Background:
The cost of housing has been rising rapidly in Canada, making it increasingly difficult for many families to afford a home. The average price of a home in Canada has increased by over 50% in the past five years. This has led to an increase in homelessness and a decline in home ownership rates, particularly among young people and families.
Reaction:
The measures have been met with mixed reactions. Some housing advocates have praised the government for taking action to address the housing crisis. However, others have criticized the measures as being insufficient and have called for more ambitious policies.
Conclusion:
The Deputy Prime Minister’s announcement represents a significant step towards addressing the housing crisis in Canada. The measures announced today will provide much-needed assistance to first-time homebuyers, renters, and those who are homeless. It remains to be seen how effective these measures will be in making housing more affordable for all Canadians.
Remarks by the Deputy Prime Minister on measures to help Canadians buy or rent a home
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