Soaring Canadian Housing Costs Targeted With Foreign-Owners Tax
- Freeland announces $3 billion in funding for housing supply
- Foreign owner’s tax on vacant properties to start next year
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Justin Trudeau’s government is taking steps to address Canada’s surging housing costs by promising to increase supply and target foreign owners.
The government pledged in its budget released Monday to spend about C$3.8 billion ($3 billion) to help build and repair thousands of housing units. Additionally, the government will introduce a tax on vacant property owned by non-residents beginning Jan. 1.