Canada's Liberals put red-hot real estate markets squarely in their sights on Thursday, laying out a budget geared at boosting housing affordability amid soaring inflation, while promising modest new spending to encourage medium-term growth.
The 2022 budget set out C$9.5 billion over five years in net new spending on housing initiatives and promised to legally ban foreign investors from buying Canadian homes for two years, though it gave no timeline for that legislation.
All told, the budget included a net C$29 billion in new spending over five years, as the waning COVID-19 pandemic allowed the government to ease off on emergency stimulus. "I think it just reinforces what we're already expecting, which is pretty aggressive near-term tightening from the Bank of Canada," he added.
"This budget had one job - reverse the taxes and deficits that have ballooned inflation to a 30-year high," said Pierre Poilievre, a frontrunner to lead the opposition Conservatives. "When your house is on fire, you don't douse it in gasoline."The budget bill should pass in parliament after Prime Minister Justin Trudeau last month struck a support deal with the left-leaning New Democratic Party to keep his minority government in power until 2025.
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