Federal Budget Highlights.
The 2019 Federal Budget was presented March 19/2019. Highlights include:
* $1.25 billion over three years for a First Time Home Buyer Incentive, along with other measures that will ease Canadians’ entry into the real estate market.
The First Time Home Buyer Incentive – is an interest-free shared mortgage with the Canada Mortgage and Housing Corporation. This billion-dollar-plus initiative offers funding of 10 per cent of the purchase price of new-build homes and five per cent of the purchase of resale homes.
The budget document said that this loan, which is only for first-time home buyers with a household income under $120,000 a year, could reduce monthly mortgage payments up to $228 per month on a $400,000 new-build home.
Brad Henderson, CEO of real estate brokerage Sotheby’s International Realty Canada, said that ““there’s a perception that Millennials are the most disenfranchised when it comes to housing affordability.” He also cautioned that “this is a double edged sword, as it helps people buy a home and a lot of people would argue that’s a good thing, but the left pocket is borrowing from the right pocket, so it isn’t necessarily addressing affordability.”
Other Budget Highlights
* $1.7 billion over five years for new skills training tax credits, including a credit for eligible workers to pay for training fees, and a credit supporting training for people receiving EI.
* $5 or $6 billion over 10 years for broadband in northern and rural communities, on a promise to extend high-speed internet to all Canadians.
* $4.7 billion in new money for Indigenous communities, including for settling land claims; “governance support”; improving child welfare services; promoting Indigenous languages; and improving health and safety in communities.
CHF BC Executive Director Thom Armstrong says that the budget shows “the Federal Government is back at the table ready to maintain the commitment they made in 2017. But the jury is still out as to whether address affordability in Canada’s hottest housing markets.”
Federal NDP Leader Jagmeet Singh was not impressed with the budget saying that “each time this government has a choice between people and the most powerful, they choose the most powerful.”
Alberta Provincial Election
And the writ dropped in Alberta.
After delivering the Throne Speech yesterday. Alberta NDP Leader Rachel Notley has called a provincial election for Tuesday April 16.
As they head to the polls,
The NDP have 52 seats
Jason Kenney and the United Conservative party has 25 seats.
3 Alberta Party.
1 Progressive Conservative.
1 Freedom Conservative.