Canada budget 2024: Housing strategy could inflict short-term pain, say industry watchers [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
You can save this article by registering for free here . Or sign-in if you have an account. A long-run focus on boosting housing supply in Tuesday's federal budget is earning praise from the housing and real estate industries, but some are questioning whether the efforts might make the country's affordability issues worse in the short term. “Allowing first-time buyers to make larger RRSP withdrawals for down payments, or secure 30-year amortizations when they buy new construction, will increase buying power and bring more people to the market at a time when there's already a shortage of properties to bid on,” said Clay Jarvis, personal finance author at the website NerdWallet, in reference to two measures the Liberals had telegraphed ahead of the budget announcement. Article content Article content “Competition may not increase by much, but we don't need it to increase at all,” he said. Currently, Canadians can withdraw up to $35,000 from their Retirement Savings Plan (RR
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