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RESCON makes first-time homebuyer recommendations for the 2024 federal budget

DCN-JOC News Services
RESCON makes first-time homebuyer recommendations for the 2024 federal budget

VAUGHAN, ONT. — In a 2024 federal budget submission to Finance Minister Chrystia Freeland, the Residential Construction Council of Ontario recommended the federal government rebate the HST to first-time buyers who purchase a new home.

The submission outlined three specific practical measures the federal government can take to address housing supply and affordability.

To support the creation of new housing stock, RESCON is recommending that the government implement an immediate and full rebate of the HST on new home purchases for first-time buyers and also re-introduce measures such as limited dividend programs and tax deferral policies from the 1960s, 1970s and 1980s that encouraged re-investment by builders, indicates a release.

RESCON is also suggesting the feds activate surplus crown and crown agency land for residential housing and support the ability of municipalities to build the infrastructure required to encourage more housing construction, adds the release.

With many construction workers set to retire, RESCON also wants the government to further reform the immigration system and increase targets for workers with the specialized skill sets to build homes and condos.

First-time homebuyers have been disproportionately affected by the housing situation, said RESCON president Richard Lyall.

“Immediate action is needed as we are in a crisis that is likely to get worse. First-time buyers are leaving our cities in droves because they’ve been priced out of the market,” said Lyall. “The measures we are suggesting would boost supply and help homebuilders construct housing that is financially viable and affordable. We cannot simply sit on our hands and hope for the best as the challenge facing our industry is formidable.”

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