Ron McKinnon
Ron McKinnon
Member of Parliament for Coquitlam—Port Coquitlam
Budget 2021 –Analysis by Ron McKinnon, MP What is in Budget 2021 for Housing Affordability?
May 4, 2021

What is in Budget 2021 for Housing Affordability?

More Affordable Housing

The COVID-19 recession has widened gaps in Canadians’ access to housing. These gaps, if not addressed, could deepen divisions in our communities and exacerbate social inequalities. By contrast, investments in affordable housing can act fast to create jobs and prosperity.

Furthermore, investments to make housing more affordable for the most vulnerable, coupled with limiting foreign speculation in the housing market, will help ensure that our economic recovery is an inclusive one that allows more people to join the middle class. Access to affordable homes will give more Canadians opportunities to find better jobs and create better futures.

After years of inaction, the government restored support for the construction of affordable housing in 2017, recognizing that these are vital investments.

To help Canadians find affordable housing, spur job creation and local economic recovery, alleviate cost pressure in the housing market overall, and grow the middle class:

 Budget 2021 proposes to provide an additional $2.5 billion over seven years, starting in 2021-22, to the Canada Mortgage and Housing Corporation, including:

In addition to these new investments, Budget 2021 proposes to advance and reallocate $1.3 billion, on a cash basis, of previously announced funding, including:

Lower Home Energy Bills Through Interest-free Loans for Retrofits

The 2020 Fall Economic Statement put forward a program to provide Canadians with one million free energy audits and up to 700,000 grants, valued at up to $5,000, to complete energy-efficient home improvements. To help homeowners and build on these measures:

Tax on Unproductive Use of Canadian Housing by Foreign Non-resident Owners

Across the country, young Canadians who are starting to build their future are running up against sky-high housing prices.

In the 2020 Fall Economic Statement, the government announced that it would take steps over the coming year to implement a national, tax-based measure targeting the inefficient use of domestic housing that non-resident, non-Canadians own. That will help to ensure that foreign, non-resident owners, who use Canada as a place to store their wealth in housing passively, pay their fair share.

To read the Budget 2021 speech or to review the budget documents, please visit https://www.canada.ca/en/department-finance/services/publications/federal-budget.html

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