Making Life More Affordable This Year: $500 additional support for low-income renters
September 23, 2022
Everyone deserves a safe and affordable place to call home. But for far too many Canadians, that has become increasingly hard to find with the rising cost of living.
That’s why the first thing we did when the House came back was introduce legislation to provide a $500 one-time top-up to the Canada Housing Benefit to 1.8 million renters across the country. This is additional to the hundreds of dollars many already receive through the Canada Housing Benefit. To put the dream of home ownership back in reach, we are also putting Canada on the path to double housing construction over the next decade, helping first-time homebuyers purchase their home, and targeting unfair practices in the real estate market to make it easier for regular Canadians to buy a home. We are:
- Investing $200 million to develop and scale up rent-to-own projects across Canada;
- Creating a Tax-Free Home Savings Account that will give first-time buyers the ability to save up to $40,000 tax-free towards the purchase their first home;
- Banning foreign buyers from buying homes for two years;
- Investing $4 billion in a new Housing Accelerator Fund to help municipalities speed up the construction of housing and create 100,000 new homes over the next five years;
- Taxing home flipping; and,
- Working with the provinces and territories to develop a Home Buyer’s Bill of Rights.