The Trudeau government will take steps in Tuesday's federal budget to make home-buying more affordable with changes affecting supply, demand and regulation, The Canadian Press has learned.
Finance Minister Bill Morneau has promised the budget will focus on ways to help improve housing affordability for Canadians, and particularly for millennials, who are now in their mid-20s to late-30s.
Morneau has heard housing-policy recommendations from numerous sources, including academic, real estate and mortgage experts, on how best to help more people buy homes. Internal briefing documents show Morneau was warned in November that Canadians' heavy debt loads are a key risk that have made abrupt shocks to incomes, house prices or interest rates a "significant concern." The memo was obtained by The Canadian Press through access-to-information law.
There have also been industry calls for the reintroduction of insurance on 30-year amortization mortgages as a targeted way to help people at the lower end. "And we need a government that says, 'Nope, henceforth we want housing to be for homes first, investments second.' " Morneau recently vowed to do more to enforce laws in another area that's been directly connected to housing: money laundering.
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