Among the marching orders to Hussen was to dissuade Canadians from snapping up income properties by reviewing rules around down payments and policies to curb
With marching orders from the federal government, Canada is taking measures to cool down the superhot housing market. The Canadian Real Estate Association report projects that by the end of this month, Canada’s national average home price will have risen by 21.2 per cent by the end of 2021.
What Ahmed Hussen Said
Canada’s housing minister, Ahmed Hussen, says the federal government is taking stricter measures on property investments to tackle the issue. Prime Minister Justin Trudeau‘s letter to Ahmed Hussen contains ‘broad stroke s of the agenda.’
Among the marching orders to Hussen was to dissuade Canadians from snapping up income properties by reviewing rules around down payments and policies to curb “excessive profits.”
Hussen says tamping down on the rush for investment properties is a part of cooling down the housing market. The government will discourage foreign investors from holding vacant homes as another measure.
The ever-growing price in the housing market made all the major political parties make new promises during the recently concluded federal election. As a result, affordable housing was one of all political parties’ major topics during the election campaign. Nevertheless, nothing much has happened ever since the new government took charge in October.
Royal LePage, one of the prominent real estate firms in Canada projects, the housing market in Canada will further go up in 2022 but was comparatively lesser per cent by 10.5. They indicate low supply and rising immigration are just two reasons for this.
Currently, Toronto, Vancouver, and Halifax are the major cities where housing prices are unpredictably increasing. However, the impact of the lesser immigration during the pandemic, compared to the yesteryears, is a major factor that comes into play in 2022.
The home buyers and realtors are eagerly waiting to see the further implications of the government’s involvement in the market. Nonetheless, average Canadians will struggle to find affordable housing even in 2022.