On April 7th, the federal government announced its 2022 budget that includes more than $10 billion to support housing affordability along with demand-side policies. The federal government has acknowledged that 3.5 million new homes are required by 2031 to keep up with demand. “Access to suitable shelter is one of the great social challenges of our time. I am pleased to see it addressed in the federal budget, however the budget requires significant participation from provincial and municipal governments to hit its target to provide housing for current demand as well as future demand from new household formation and immigration,” said Soper. “By providing municipalities with funding to accelerate planning and delivery processes, the government is meaningfully helping the process overall, which is a welcomed step in the right direction.”
In regards to the temporary two-year ban on foreign buyers, Royal LePage does not expect the policy to provide material relief to potential homebuyers, as this group does not make up a significant portion of homeowners in Canada. In addition, recreational properties are exempt from the ban.
