First Time Home Buyers Incentive

Help for First Time Home Buyers

A re-elected Liberal government will help more Canadians buy their first home. Home ownership should be an achievable dream, not just a privilege for the richest few.

In Vancouver South, we are fortunate to have a variety of housing options including co-ops, townhouses, condos, apartments, suites, laneway homes, and detached homes. Yet housing prices are still significantly higher than in other areas in BC and Canada.

A re-elected Liberal government will provide first time homebuyers an opportunity to get in the market and start building equity. Here’s how:

  • fully implementing the First-Time Home Buyer Incentive, which provides Canadians with up to 10% off the purchase price of their first home;
  • immediately expanding the First-Time Home Buyer Incentive to provide more help to communities in Vancouver by allowing homes valued at up to $789K to qualify;
  • addressing the impact of foreign speculation, which drives up housing costs, by putting in place a consistent national speculation and vacancy tax for non-resident, non-Canadians.

In addition to introducing the First-Time Home Buyer Incentive, our Liberal government also:

  • launched Canada’s first-ever National Housing Strategy, a ten-year plan that will help more than 600,000 Canadians find safe and affordable places to live;
  • funded the construction of nearly 140,000 more housing units to be built by 2028; and
  • created the new Canada Housing Benefit to help 300,000 Canadians with the high costs of rent.

“We have vibrant, diverse neighbourhoods in Vancouver South. I want to ensure that the next generation can afford stay in Vancouver South, afford a home, and raise their families right here.”

Hon. Harjit S. Sajjan

“The Conservatives voted against the First-Time Home Buyer Incentive and have no plan to help address the real concerns Canadians have about being able to own their own home,” said Mr. Trudeau. “Liberals believe in investing in people and in communities, which is why we are taking these steps to make homeownership an achievable dream, not just a privilege for the richest few.”

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