How the 2021 Budget Released by the Government of Canada Supports Real Estate
REALTORS® are one of the biggest supporters of our communities. They advocate with Members of Parliament to address issues that affect homeowners and the REALTOR® community.
Our Political Affairs Committee, alongside the Canadian Real Estate Association (CREA), and the Ontario Real Estate Association (OREA) are responsible for local, provincial, and federal advocacy on behalf of homeowners and ownership.
We’re pleased to see that key issues REALTORS® advocated for were addressed in the 2021 Budget released by the Government of Canada.
- Housing Supply: The 2021 Budget proposes to advance and reallocate $1.3 billion through the National Housing Co-Investment Fund and the Rental Construction Financing Initiative, including for the conversion of vacant commercial property into housing.
- Affordable Housing: In an effort to end homelessness, the Government responded by announcing $2.5 billion through the Canada Mortgage and Housing Corporation.
- Conditions for the GST New Housing Rebate: Entitles home buyers to recover 36% of the GST paid on the purchase of a new home priced up to $350,000, for a maximum rebate of $6,300.
- Build Greener Homes: $4.4 billion investment to the Canada Mortgage and Housing Corporation over five years to help homeowners complete home retrofits through interest-free loans worth up to $40,000. Examples of deep retrofits include:
- Replacing oil furnaces or low-efficiency systems with a high-efficiency furnace, air-source heat pump, or geothermal heat pump.
- Better wall or basement insulation and/or wall or roof panels.
- Installing a high-efficiency water heater or on-site renewable energy like solar panels
- Replacing drafty windows and doors.
- Flood Maps for Higher-Risk Areas: $63.8 million allocated to Natural Resources Canada, Environment and Climate Change Canada, and Public Safety Canada to work with provinces and territories to complete flood maps for higher-risk areas.
- Broadband Internet Projects: Increasing broadband investment by $1 billion over six years to the Universal Broadband Fund to help Canada reach its goal of having 98% of the country connected to reliable internet service by 2026.
Government of Canada https://www.budget.gc.ca/2021/home-accueil-en.html