Minister Hutchings highlights housing investments in Budget 2022 that will benefit Albertans

FORT MCMURRAY, AB, April 13, 2022 /CNW/ - Innovation, Science and Economic Development Canada

Today, the Honourable Gudie Hutchings, Minister of Rural Economic Development, highlighted the housing investments and measures proposed in Budget 2022, including introducing the Tax-Free First Home Savings Account, doubling the First-Time Home Buyers' Tax Credit to $10,000, supporting rent-to-own projects and prohibiting foreign investment in residential real estate to avoid driving up housing costs in Canada.

Canadians see owning a home as key to building their future and joining the middle class. Budget 2022 housing measures will put Canada on the path to double housing construction over the next decade, help Canadians save for and buy their first home, ban foreign investment in Canadian housing and curb unfair practices that make housing more expensive for Canadians. Budget 2022 also proposes investments that will ensure Canadian workers have the skills they need for the well-paying jobs of today and tomorrow and will make it easier for the skilled immigrants that our economy needs to make Canada their home.

"Budget 2022 is about growing our economy, creating good jobs and building a Canada where nobody gets left behind. Our plan is responsible and considered, and it is going to mean more homes and well-paying jobs for Canadians, cleaner air and cleaner water for our children, and a stronger and more resilient economy for years to come."
? The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance

"With rent increasing and housing prices continuing to rise, too many young people don't see a clear path to affording the same lives their parents had. We need to support Canadians in their goal of becoming homeowners. Budget 2022 will help renters become first-time homeowners, help young Canadians afford a down payment faster and help them reduce the closing costs that come with purchasing a home. By helping Canadians unlock homeownership, we will grow the middle class and keep moving Canada forward for everyone."
? The Honourable Gudie Hutchings, Minister of Rural Economic Development

• Measures in Budget 2022 to make housing more affordable include:
• putting Canada on the path to doubling the construction of new homes in the next decade;
• helping Canadians buy their first home, including by introducing the Tax-Free First Home Savings Account and doubling the First-Time Home Buyers' Tax Credit;
• launching a new Housing Accelerator Fund to support the creation of 100,000 net new housing units in the next five years;
• developing a Home Buyers' Bill of Rights and bringing forward a national plan to end blind bidding;
• banning foreign buyers from owning non-recreational residential property for two years; and
• introducing a Multigenerational Home Renovation Tax Credit that will provide up to $7,500 to support the construction of a secondary suite or apartment.

• Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable
• Budget 2022: Address by the Deputy Prime Minister and Minister of Finance
• Making Housing More Affordable

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