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May 6, 2024

Federal government aims to make housing market fairer with Budget

The federal government has highlighted measures included in Budget 2024 and Canada's Housing Plan to make the housing market fairer for renters and first-time home buyers. In late April, the government tabled the Notice of Ways and Means Motion to introduce the Budget Implementation Act, 2024, No. 1 – to get the legislation to Canadians. “We're prioritizing this bill for a quick, unanimous passage in parliament – because Canadians need these supports, now,” said Prime Minister Justin Trudeau in a press release.  The measures in the Budget Implementation Act include enhancing the Home Buyers' Plan, protecting Canadians from unfair foreign buyers, and keeping housing available for the middle class.

Initiatives include investments in the Canada Housing Infrastructure Fund; the Apartment Construction Loan Program; the Canada Rental Protection Fund; the new Homebuilding Technology and Innovation Fund and new Housing Design Catalogue; and First Nations, Inuit, and Métis communities.

A deputy minister of public lands and housing position has also been created within the Privy Council Office. The deputy minister will oversee and report on federal efforts to build more homes for Canadians through the use of public lands, providing a single point of accountability within the public service.

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