Canada's first home purchase has three major advantages. What will happen to the housing market in the next five years?

With the rise of housing prices, the down payment cost also keeps rising, which is an important obstacle for many people to buy a house, especially young people. Budget2022 introduced the first tax-free policy, HomeSavingsAccount, and first-time buyers can deposit up to 40,000 yuan. Like RRSP, capital contribution is tax-free, and the first set of withdrawal (including long-term investment) is undoubtedly tax-free, just like TFSA. Tax exemption policy in, tax exemption policy out.

Increased and more flexible incentives for first-time home buyers In order to make it easier for everyone to buy their first house, the US federal government has launched an incentive plan for first-time home buyers, so that eligible first-time home buyers can share the cost of buying a house with government departments to reduce their borrowing costs. In order to enable more Canadians to buy his first house, the 2022 cost budget announced that the incentive period for first-time buyers would be extended to March 3, 20251. Government departments have explored various options to make this plan more flexible and easier to meet the requirements of first-time buyers, including single-room housing. In order to ensure that houses are owned by Canadians rather than foreign investors, the expenditure budget for 2022 has been published, and the government departments are prepared to explicitly put forward restrictions to prohibit foreign commercial enterprises and non-Canadian China citizens or non-permanent residents from acquiring Canadian non-gaming and entertainment residential properties within two years.

Let real estate speculators pay their due market share in real estate sales, that is, buy a suite and sell it at a price much higher than that paid in the short term before, which is likely to unfairly cause the national housing price to rise. Some people engaged in real estate sales may not apply for profit in advance in order to pay less taxes. In 2022, the expense budget clearly put forward new rules. If the owner sells the property management for less than 65,438+02 months, the profit will become the full tax of business service income, which is applicable to the houses sold on or after 65,438+0 in 2023. Except for Canadians who sell their property because of certain living conditions, such as death, disability, having children, new job or divorce.

In order to bring more houses to Canadians, the government will also restrict foreign customers from buying various residential properties in Canada within two years to ensure that the houses they buy come from living, not just as project investment. However, consumers with student visas, work visas and the first self-occupied commercial housing can be exempted from visas. In addition, from June 5438+ 10, 2023, the property management that has been sold for less than one year will also be called "investment property", and the profits need to be paid in full as operating service income. However, it is hoped that unexpected events will be exempted, such as death, disability, childbirth, job hopping, and sometimes the property will be sold because of divorce.

This means that if you have the ability to act now, you should not wait. On the whole, house prices are likely to only rise and not fall, so it is better to buy a house as soon as possible. She also advises clients to think carefully about their views on the house. Although the housing prices in Vancouver, Toronto and other big cities are rising year by year, there are still some places in Canada where the housing prices are so low that you are stunned. "Yes, home is where we live, work and play, but the house is also a special tool for you to raise extra funds. Therefore, although you may not have bought your dream house yet, it is also a key step towards the ultimate goal. "