Ottawa, ON, September 12, 2019 — With Election 2019 barely underway, CREA welcomes today’s announcement that a Liberal government would extend the eligibility requirements for the First Time Home Buyers’ Incentive (FTHBI) so that Canadians in higher priced markets can take advantage of the program.
“REALTORS® welcomed the FTHBI when it was announced in the spring because it represents tangible support for millennials, new Canadians and other first-time buyers hoping to fulfill their home ownership dreams,” said Jason Stephen, President of The Canadian Real Estate Association. “The extension of eligibility requirements is great news that will allow Canadians in Canada’s highest priced markets take advantage of the program and start building their lives in a home of their own. We have long pointed out that housing markets vary from region to region and market to market. Today’s announcement shows that policymakers are receptive to that message.”
The announcement today also included other measures aimed at housing affordability. Further analysis of regional markets across the country is required to understand if a new speculation and vacancy tax will help increase the supply of available housing over the long term or aid with affordability.
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About The Canadian Real Estate Association
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry associations. CREA works on behalf of more than 130,000 REALTORS® who contribute to the economic and social well-being of communities across Canada. Together they advocate for property owners, buyers and sellers.
For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460