CREA Welcomes Focus on Housing in Budget 2019

Mar 20 15:03 2019 Print This Article

Ottawa, ON, March 19, 2019 –  The Canadian Real Estate Association (CREA) welcomes the various measures in Budget 2019 that will help address housing affordability and provide meaningful support for Canadians.  REALTORS® have been advocating on behalf of millennials and others who aspire to homeownership but are struggling to reach their goal amid a challenging environment.

CREA commends the Government of Canada for supporting homeownership by: launching the first-time home buyer incentive program; increasing the Home Buyers’ Plan (HBP) withdrawal limit from $25,000 to $35,000; extending the use of the HBP to those going through a marital breakdown as well as other measures to support housing supply and affordability.

“Millennials are passionate about owning their own home, but many are worried they will never be able to because of higher home prices and tougher mortgage qualifying rules,” said Barb Sukkau, CREA’s President. “REALTORS® have been advocating for the modernization of the HBP and are pleased to see it addressed in Budget 2019.  The measures announced today will help today’s millennials in a tangible way, while also addressing some longer-term concerns related to housing supply and sustainability.”

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Canadian Real Estate Association

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade Associations. They have over 100,000 real estate brokers, agents and salespeople, working through 100 real estate Boards and Associations across Canada as members.

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