Canadian budget 2022: Housing! Housing! Housing! (and military)

[CitizenVectron]

Federal budget to include ban on foreign home buyers, billions for housing

WWW.CTVNEWS.CA

---

Housing affordability is going to be a main feature of tomorrow's federal budget, CTV News has learned, including moving to make it illegal for foreigners to buy any residential properties in Canada for the next two years.

 

 

• $4 billion to help municipalities update their zoning and permit systems to allow for speedier construction of residential properties;
• $1 billion for the construction of affordable housing units; and
• $1.5 billion in loans and funding for co-op housing
• 2-year ban on foreign purchases of (or using foreign money to buy) Canadian residential units unless the person is moving here
• Tax-free savings funds (like Roth 401k / TFSA) specifically for home down-payments

 

• Expected $8 billion increase to military budget

 

Budget comes out tomorrow, more details then.

[Jason]

3 minutes ago, CitizenVectron said:

2-year ban on foreign purchases of (or using foreign money to buy) Canadian residential units unless the person is moving here

 

New Zealand tried this and it did literally nothing. 

[Jason]

4 minutes ago, CitizenVectron said:

$4 billion to help municipalities update their zoning and permit systems to allow for speedier construction of residential properties;

 

If this is all carrot and no stick it also won't do anything. 

[Uaarkson]

Just do a fucking land value tax 

[GeneticBlueprint]

I don't think banning foreigners from buying is the most effective thing. They should be heavily taxed, though. With severe financial punishment for any sort of evasion. And the funds generated from tax/penalties should be earmarked for housing projects.

[Uaarkson]

1 minute ago, GeneticBlueprint said:

I don't think banning foreigners from buying is the most effective thing. They should be heavily taxed, though. With severe financial punishment for any sort of evasion. And the funds generated from tax/penalties should be earmarked for housing projects.

It’s all just completely missing the point 

[b_m_b_m_b_m]

Banning foreign buyers is political not economic despite claims to the contrary 

 

but also

3 hours ago, Uaarkson said:

Just do a fucking land value tax