Housing Market Supply and Demand Addressed in Federal 2019 Budget
Updated: Apr 8, 2019
March 22, 2019 – The federal government recently announced Budget 2019, which includes a number of programs and policies meant to address both demand and supply issues in the national housing market. Budget 2019 includes investments totalling over $1.5 billion to help address housing affordability and provide meaningful support for Canadians.
Notable programs and recommendations include:
Prospective buyers who have the minimum down payment for a home can apply to finance between five and 10 per cent of their mortgage via a shared equity program administered by Canada Mortgage and Housing Corporation (CMHC).
The increase of the Home Buyers' Plan (HBP) withdrawal limit from $25,000 to $35,000 (or
$70,000 per couple).
The expansion of the HBP to Canadians going through a marital breakdown, a $45 million investment, and is also effective immediately.
The Government recommendation of making the National Housing Strategy a permanent program that reports progress and outcomes to Parliament.
The government is also launching a “housing supply challenge” which will encourage municipalities and other organizations to “propose new ways to break down barriers that limit the creation of new housing”, especially in municipalities with low vacancy rates, like Barrie. About $300 million is earmarked for those initiatives.
Extension a program that provides favourable financing to developers building rental properties for lower‐ and middle‐income Canadians. The funding boost will open up about $10 billion in loans over the next nine years, and produce about 42,500 new units, particularly in areas with low vacancy rates like Barrie
The Canadian Real Estate Association (CREA) is excited to see many of its long‐standing recommendations implemented in Budget 2019. All of these changes will go a long way towards addressing the affordability crisis affecting many communities across Canada, including Barrie and Simcoe County. BDAR looks forward to continuing to work with CREA to enact meaningful change for current and prospective homeowners across Canada.
Using a Local Professional Realtor®: “Realtor®” is a professional designation. A Realtor® is a licensed real estate professional belonging to local, provincial and national associations. They have completed an intensive real estate program and have the skill set, expertise and experiences that you will need when buying or selling your home. Realtors® have a network of resources available at their fingertips. They understand financing and mortgage rules, insurance and liability coverage, and all the legal details involved in real estate. As a skilled negotiator, your local BDAR Realtor® will help you get the most value when buying or selling a home.
About BDAR: The Barrie & District Association of REALTORS® (BDAR) represents almost 1,000 REALTORS® in the Barrie and Simcoe County region. BDAR provides its members leadership opportunities, professional development, and other tools and services to help them deliver a high‐standard of services to their clients. BDAR is community‐ focused and believes that community prosperity is largely based on shelter and home ownership. The Association has a strong focus on affordable housing and helping first‐time buyers understand how to get on the housing ladder.
Contact: Please call 705‐739‐4650 ext. 0 or email email@example.com