The final release of Canada’s Housing Plan on Friday, April 12, 2024, is an ambitious action plan aimed at addressing Canada’s housing crisis.
There are new housing related measures included in the recently announced Budget 2024:
- The government will consider introducing a new tax on residentially zoned vacant land and will launch consultations later this year.
- The government intends to increase the inclusion rate on capital gains realized annually above $250,000 by individuals and on all capital gains by corporations and trusts from one-half to two-thirds, by amending the Income Tax Act, effective June 25, 2024.
- The government intends to establish a subsidiary of the Canada Mortgage and Housing Corporation (CMHC) to deliver flood reinsurance.
- The government intends to restrict the purchase and acquisition of existing single-family homes by very large corporate investors. The government will consult in the coming months and provide further details in the 2024 Fall Economic Statement.
- The government is exploring new measures to expand access to alternative financing products, like halal mortgages.
Communication from the OM District Real Estate Board.
Written by:
Tanya Fernandes
Broker | Owner
