Canada’s Minister of Finance Bill Morneau tabled his fourth federal budget in the House of Commons on March 19. The Government’s pre-election budget was titled “Investing in the Middle Class” and included a number of measures to help first-time home buyers get into the housing market, including:
- launching the First-Time Home Buyer Incentive, allowing eligible first-time home buyers to finance a portion of their home purchase through a shared equity mortgage with Canada Mortgage and Housing Corporation;
- increasing the Home Buyers’ Plan (HBP) withdrawal limit from $25,000 to $35,000;
- expanding eligibility for the HBP for those who experience the breakdown of a marriage or common-law partnership; and
- indicating a willingness to adjust mortgage finance polices to support access to housing.
Taken together, this represents an important step forward for consumers, and a major success for REALTORS®. REALTOR® members, boards, and associations brought the message of millennial homeownership and housing affordability to their Members of Parliament during PAC Days and into the fall and winter, effectively setting the agenda for the budget.
During the 2015 election, REALTORS® successfully lobbied to have proposals related to the modernization of the HBP included in two party platforms. This budget implemented those proposals highlighting the importance of consistency and hard work when approaching government.
As the 2019 federal election approaches, CREA will continue to leverage this success to ensure all political parties continue the conversation around homeownership on behalf of REALTORS® and home buyers across the country. Read this op-ed by CREA CEO Michael Bourque to learn more about how we will move forward on behalf of members and their clients. In the coming months, we will share more information about how you can help keep this conversation alive with candidates in your ridings.
