GREAT NEWS! For Home Buyers in 2022-2023

Six New Measures to Help You Buy a Home

Canada’s Minister of Finance, Chrystia Freeland, tabled the 2022 federal budget with several measures aimed at making homeownership more attainable for Canadians.

1. The First Home Savings Account (FHSA)

A new registered account allowing first-time buyers to save up to $40,000 tax-free ($8,000/year). Contributions are tax-deductible and qualifying withdrawals are tax-free.

2. Doubling the First-Time Home Buyers’ Tax Credit

The credit increases from $5,000 to $10,000, providing eligible buyers with up to $1,500 in tax relief.

3. GST/HST Rental Housing Rebate

A full rebate for new affordable rental housing construction to encourage new supply.

4. Extension of the First-Time Home Buyer Incentive

The shared-equity program is extended to March 2025.

5. Two-Year Ban on Foreign Residential Purchases

Non-Canadian citizens are prohibited from purchasing residential properties for two years to curb speculative buying.

6. Construction Cost Controls

Measures are in place to control building material costs and keep construction prices manageable.

Have questions about how these measures affect your real estate project? Don’t hesitate to contact us!