Today marked the first federal budget update since April, when theBoC’s aggressive, inflation-fighting rate hikes were just beginning. At the time, the overnight lending rate sat at 0.5%, but has now jumped up a staggering 325 basis points. housing
Published:As debt falls and the risk of a recession rises, the Federal government is promising to enact a series of measures to make housing more affordable in Canada.on Thursday, detailing the government’s mid-year update to the budget. The updated outlook focused heavily on reducing Canada’s deficit ahead of a pending recession that experts say is likely to hit early next year.
Although the government did not previously forecast a recession, the new economic update now warns of a “mild recession in the first quarter of 2023.” Even still, the economic update is light on spending, noting that “as we emerge from the pandemic, the government is running a tighter fiscal ship.” Freeland re-upped the Liberals’ promise to introduce a Multigenerational Home Renovation Tax Credit that would provide up to $7,500 to support construction of a secondary suite for a family member who is a senior or adult with a disability. And to target speculators, the federal government plans to fully tax profits from the sale of properties held for less than 12 months, beginning in 2023.
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