Last year’s Budget announced significant investments to make housing more affordable to all Canadians. This new budget looks to further builds upon this progress with the following initiatives:
- Introducing a new, refundable Multigenerational Home Renovation Tax Credit, which will provide up to $7,500 in support for constructing a secondary suite for a senior or an adult with a disability; this was included in last year’s Budget but the tax credit is now available as of 2023
- A New Tax-Free First Home Savings Account was launched last year but will be available as of April 1, 2023; this new registered plan to give prospective first-time home buyers the ability to save $40,000 on a tax-free basis
- New guideline to protect Canadians with mortgages who are facing exceptional circumstances with relief measures that are appropriate for the circumstances they are facing, including by extending amortizations, adjusting payment schedules, or authorizing lump-sum payments
- Reallocation of funding from the National Housing Co-Investment Fund’s repair stream to boost the construction of new affordable homes for the Canadians who need them most
- $4B over 7 years starting 2024-2025 for CMHC to implement a co-developed Urban, Rural, and Northern Indigenous Housing Strategy
- To ensure the dream of home ownership is a possibility for all Canadians, Budget 2023 announces that the government will consult on changes required to remove regulatory barriers for homebuyers from diverse communities seeking access to alternative financing products
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