QUESTION PERIOD — Canada Mortgage and Housing Corporation
First-Time Home Buyer Incentive
May 17, 2022
Honourable senators, my question for the government leader is a follow-up to the leader’s recent response to Senator Ataullahjan regarding the First-Time Home Buyer Incentive. Last month’s budget provided no details on how the NDP-Liberal government would change this program, or when these unknown changes will be in effect. The budget only says the government is exploring options on how to make the program more flexible and responsive for buyers, including single-led households.
Leader, potential first-time home buyers need assistance now. If the NDP-Liberal government is intent on keeping this failed program, why are you only promising vague changes at some unknown date?
Thank you for the question. Of course, it is the exclusive jurisdiction and responsibility of the federal government to solve the housing crisis in Canada.
Colleagues, the federal government is doing its part along with provinces, municipalities and the private sector to address what is a serious issue for first-time home buyers. That’s why the government has introduced measures to help those who are seeking to purchase their first home, measures to assist them: a $200 million investment to develop and scale up rent-to-own projects across Canada, the creation of a tax-free home savings account giving first-time buyers the ability to save up to $40,000 towards the purchase of their first home, a two-year ban on foreign buyers and the development of a home buyers’ bill of rights with the provinces and territories.
Again, you will forgive the sarcasm at the beginning of my response. The truth is it’s a serious problem, and it requires a serious response, not only from the federal government but the federal government working with all others. The hope is that working together we can address this for the benefit of Canadians seeking their first home.
