Housing was a key priority in today’s federal budget, though it came as no surprise given the array of housing-related policy announcements unveiled in recent weeks.
The 2024 budget included $52.9 billion in new spending plans, which will result in a projected deficit of $39.8 billion this fiscal year before gradually declining to $20 billion by 2028-29.
Many of the budget’s commitments are focused on easing the affordability challenges facing young Canadians, particularly when it comes to achieving homeownership. Conversely, many of the new tax announcements are aimed at wealthier Canadians.
Change to capital gains inclusion rate
One new measure unveiled today that will impact some real estate transactions was the increase to the capital gains inclusion rate. This applies to annual gains above $250,000 for individuals and to all…
