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Trudeau, Freeland discuss 2 year ban on foreign buyers purchasing homes in Canada | FULL

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Prime Minister Justin Trudeau and Deputy Prime Minister Chrystia Freeland spoke on Friday in Hamilton, highlighting the investments in housing announced Thursday in the presentation of the Liberals' 2022 budget.

Trudeau said the government will be banning foreign home buyers for two years in an effort to cool the red-hot housing market.

In addition, he said the government plans to build more homes and introduce programs that help Canadians save money to own a home.

“Homes are to live in, to raise a family in, to build a life in – not a way to boost a balance sheet. So in this budget, we’re going to be banning foreign buyers for two years, curbing speculative practices, and moving forward on a homebuyers bill of rights," said the prime minister.

Housing Minister Ahmed Hussen, Public Services and Procurement Minister Filomena Tassi and Families Minister Karina Gould were also in attendance.

The 2022 budget includes more than $31 billion in new spending over the next five years.

It’s targeted at speeding the flow of goods through the country’s supply chains, boosting housing supply and jolting businesses out of an anemic period of investment.

The Liberal government is planning to spend $10.14 billion on housing over the next five years in its 2022 federal budget, looking to make homes more affordable by expanding supply and helping young Canadians save for their first home.

For more info, please go to https://globalnews.ca/news/8743554/canada-budget-2022-housing-affordability-supply-foreign-buyers/

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Category
U.S. & Canada
Tags
global news, Canada, Canadian Federal Budget
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