Federal Throne Speech promises help for homebuyers
The federal government promised to get the pandemic under control, fight climate change, build the economy, and make buying a home more affordable in its throne speech delivered November 23, 2021.
Key priorities the government plans to implement include new programs to help beleaguered first-time home buyers through a:
- new Housing Accelerator Fund to help municipalities build more units;
- more flexible First-Time Home Buyer’s incentive;
- new Rent-to-Own program; and a
- new program reducing closing costs for first-time buyers.
The government also promised to increase immigration and reduce wait times, so essential to the post-pandemic economic recovery.
The Canadian Real Estate Association (CREA) and REALTORS® across Canada have advocated for increasing supply, partnering with provincial and municipal governments and unlocking homeownership.
This throne speech indicates the government has been listening.
CREA believes delivering solution to increasing the supply of affordable market housing will require working with stakeholders such as CREA as well as provinces/territories and municipalities.
Budget will need to be passed
Funding for the throne speech promises will be in the federal 2022 Budget expected to be released in the spring of 2022. This budget must pass before funding is released for housing promises.