TRREB Statement on the 2024 Federal Budget
18 April 2024 - 9:34PM
To tackle Canada’s housing affordability crisis, governments need
to do two things. First, they must build more homes of all types.
Second, they must lower the taxes and fees Canadians pay to find an
affordable place to call home. Today’s Federal Budget gets it right
on supply but needs to be careful about the impact of tax measures
on housing supply and affordability.
The Budget continues the government’s vital work announced
last week as part of the Canada Housing Plan which will help
deliver 3.87 million homes over the next ten years. The
Toronto Regional Real Estate Board (TRREB)
is encouraged to see more information on commitments in
the Canada Housing Plan to build new homes. TRREB is a
strong proponent of the federal government maximizing the use of
its land assets to spur new construction of homes families can
afford.
The Budget also announces a higher tax on capital gains and
a consultation on the taxation of vacant land zoned for residential
housing. These measures could work against Canada’s housing
affordability goals. For example, hiking the capital gains tax
could increase the costs of converting underused commercial
property into new housing. Similarly, hiking taxes on vacant lands
zoned for residential is a risky measure that may result in costs
passed on to new home buyers.
No plan from any level of government that proposes to end the
housing affordability crisis can achieve real progress unless it
addresses the government taxes, fees, and charges on
housing.
Jennifer PearceTRREB
President
Media Inquiries:Maria Karafilidis, Manager,
Public Affairs maria.karafilidis@trreb.ca 416-443-8139
The Toronto Regional Real Estate Board is
Canada’s largest real estate board with over 70,000 residential and
commercial professionals connecting people, property and
communities.