Trudeau promises new incentives worth billions and a tax on ‘flipping’ to help Canadians buy a home

DM

Liberal Leader Justin Trudeau today promised a suite of new measures to help Canadians buy a home at a time when a red-hot housing market has made owning property seem like a distant dream for many young people. Speaking to reporters in Hamilton, Trudeau said the real estate market is afflicted by “instability” and “uncertainty” and a COVID-fuelled spike has led to soaring prices, bidding wars, rampant speculation and too many vacant properties. He said the situation demands government intervention to help more people acquire their own homes. The aggressive plan — billions of dollars in new funding, measures to curb the practice of “flipping” homes, efforts to block foreign nationals from buying homes for two years and new regulatory measures to police exploitative real estate agents — comes at a time when Canadians are telling pollsters that housing is one of the issues they care about most.

The three-point program includes commitments to “unlock home ownership” through new government funding, a plan to build more homes to address supply constraints and measures to establish and protect new rights for buyers.

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