Push from REALTORS® could mean good news for home buyers

During PAC Days 2018, 350 members of the REALTOR® community from across the country travelled to Ottawa to meet with 180 elected officials. Over the course of two days, they made the case for an increase to the existing Home Buyers Tax Credit that would make the dream of homeownership a reality for first-time home buyers across the country, including millennials.

Last week, there was evidence the REALTOR® message is getting through to political leaders. On Monday, January 21, NDP Leader Jagmeet Singh challenged Prime Minister Justin Trudeau to double the Home Buyers’ Tax Credit for first-time buyers, increasing it from $750 to $1,500. Singh told reporters, “We want to support people so they can one day achieve that dream of homeownership, and providing that extra help will ensure that people can actually buy a home.”

The next day, Minister of Finance Bill Morneau was asked what plans the Liberal government had to help first-time home buyers. He said helping millennials enter the housing market was now a priority, and that they were exploring multiple options.

The shift in focus to homeownership is a direct result of REALTORS®’ advocacy efforts conducted at PAC Days in October of last year, as well as ongoing dialogue between key decision makers and CREA staff. We will continue to press for concrete action in the coming months as the federal budget is tabled through to this fall’s election.