We Expected Little in the Federal Budget on Housing. We Got Less Than Expected.
A promise halved: The Build Canada Homes program receives barely half of what was promised in the Liberal platform. Instead of $11.8 billion by 2028-29, the Budget funds only $6.2 billion. Development charge relief diluted: The platform had committed $1.5 billion annual to development charge reduction; this has been reduced to $1.2 billion, and the requirement that development charges be “halved” has been replaced with one that merely requires they be “substantially reduced”. MURB incentive missing in action: Despite the platform’s commitment to reintroduce the Multiple Unit Residential Building (MURB) tax incentive, the Budget is silent on this measure. Focus shifts from housing supply to reducing housing demand through scaling back immigration: In a striking departure from past rhetoric, the Budget frames housing affordability improvements as stemming from lower immigration targets and reduced population growth, asserting that Ottawa is “taking back control” of immigration to “bring
A promise halved: The Build Canada Homes program receives barely half of what was promised in the Liberal platform. Instead of $11.8 billion by 2028-29, the Budget funds only $6.2 billion. Development charge relief diluted: The platform had committed $1.5 billion annual to development charge reduction; this has been reduced to $1.2 billion, and the requirement that development charges be “halved” has been replaced with one that merely requires they be “substantially reduced”. MURB incentive missing in action: Despite the platform’s commitment to reintroduce the Multiple Unit Residential Buildi
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