Trudeau promises new support for first-time homebuyers through loans and grants

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Canadian press

Published on Aug 24, 2021 at 9:56 AM EDT

Last updated Tuesday, August 24, 2021 9:56 AM ET

HAMILTON. Liberal leader Justin Trudeau says the re-elected Liberal government will help tenants become homeowners with $ 1 billion in loans and grants.

During a campaign halt on Tuesday in Hamilton, Ontario, Trudeau said the money would help develop multi-partner lease-to-buy projects, paving the way for tenants to own a home in five years or less.

Liberals say their plan will help young Canadians make their down payment faster by introducing a tax-free first home savings account.

This would allow Canadians under 40 to save up to $ 40,000 on their first home and rent them tax-free to invest in a purchase without having to return it.

The plan also includes the Housing Accelerator Fund, which will provide $ 4 billion to help major cities accelerate their housing plans with the goal of creating 100,000 new homes for the middle class by 2024-25.

Trudeau tried to be heard from time to time during the announcement, when the hackers shouted and booed.

He rejected the suggestion that the planned measures were a tacit acknowledgment of the failure of the liberals’ national housing strategy four years ago.

“On the contrary, over the past few years, hundreds of thousands of families have acquired new homes and a safer place to live,” Trudeau said.

He blamed the previous Conservative government for not helping Canadians with housing.

“This is why we have stepped up and have seen tremendous improvements in supporting people to get housing over the past few years. But there is certainly more that needs to be done, much more, ”he said.

“We are putting forward an extremely ambitious plan that will continue to attract people to not only homes, but to help them buy those homes.”

NDP leader Jagmit Singh said Trudeau had been on the side of wealthy speculators for six years as they made the value of the house unaffordable to others.

“If he really wanted to make housing more accessible to people, he would have done it already.”

This report by The Canadian Press was first published on August 24, 2021.



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