In her budget document, Finance Minister Chrystia Freeland outlined measures like creating tax-free ways to save for down payments and giving renters credit for rental payments towards future mortgages.
The budget prioritizes moving young people from the rental market to homeownership by allowing 30-year amortizations for first-time buyers and counting rental payments towards credit scores.
Economist Robert Kavcic cautions that measures to promote homeownership may ultimately increase housing demand, potentially negating their intended effects.
The budget also offers support for millennials and Gen Z renters who don't plan to buy with additional funding for the Apartment Construction Loan Program to build affordable rental units.
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