Prime Minister Justin Trudeau speaks during a post-budget housing announcement at a townhouse development in Maple Ridge, B.C., on Monday March 25, 2019. (THE CANADIAN PRESS/Darryl Dyck)

Prime Minister Justin Trudeau speaks during a post-budget housing announcement at a townhouse development in Maple Ridge, B.C., on Monday March 25, 2019. (THE CANADIAN PRESS/Darryl Dyck)

Trudeau sells housing plan in visit to hot real estate market in B.C.

Trudeau said the budget contains measures to help first-time buyers

Prime Minister Justin Trudeau touted efforts by the Liberal government to help first-time homebuyers put more down on their mortgages during a visit to a region of the country today that is facing a housing squeeze.

In its budget last week, the government introduced measures that would allow Ottawa to pick up a portion of new homebuyers’ mortgage costs and it increased the amount they can borrow from their retirement savings for a down payment.

READ MORE: Prime minister defends Liberal budget measures as sales effort gets underway

Housing has emerged as a major issue for many Canadians, especially young people who are trying to get into the real-estate market at a time when prices are soaring in some major cities.

During a visit today to Maple Ridge, B.C., Trudeau said the budget contains measures to help first-time buyers by allowing them to withdraw $35,000 from their RRSPs, up from $25,000, to help lower their borrowing costs.

It also brings in a means-tested incentive that would see the government pick up part of the costs of the mortgages of those eligible for the program to lower their monthly payments.

Trudeau said housing is also a concern for parents who are worried their adult children won’t be able to live in the neighbourhoods where they grew up.

“Owning a house is a big achievement. It’s where you raise a family and set down roots. But far too many young people are worried that they won’t be able to reach that dream. Housing prices in the Lower Mainland are some of the highest in the country and rising.”

Trudeau said the government has also tried to spur new building and keep prices from rising through its national housing strategy to help increase supply.

“We just can’t treat the symptoms of sky-high housing prices,” he added. “We have to deal with the causes as well. When there aren’t enough properties on the market, more people are competing for the same places, which forces the costs up for buyers and renters.”

Last Tuesday’s budget also included $10 billion more for a program to fund the construction of new rental units — the third time the Liberals have expanded the program, which aims to create 14,000 units over 10 years and now carries a $50-billion price tag.

As well, Trudeau said Ottawa is helping the Canada Revenue Agency go after tax fraud and money laundering, which have also been blamed for driving up housing prices in British Columbia.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

RCMP are searching for Philip Toner, who is a 'person of interest' in the investigation of a suspicious death in Kootenay National Park last week. Photo courtesy BC RCMP.
Man sought in suspicious Kootenay death found in Lake Country

Philip Toner is a person of interest in the death of Brenda Ware

Rain clouds were absent for most of April in the West Kootenay. Photo: Betsy Kline
April precipitation only one-third of normal in West Kootenay

Third month in a row with below average rain fall

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. THE CANADIAN PRESS/Nathan Denette
65 new cases of COVID-19 in Interior Health

Overall, B.C. is seeing a decrease in COVID-19 cases

Central Mountain Air will be flying seven days a week this summer. Photo: Betsy Kline
Central Mountain Air increases Castlegar flights

West Kootenay Regional Airport will see flights to Vancouver seven days a week this summer

Photo: RCMP
Rossland pedestrian dies after being pinned between 2 vehicles

RCMP Sgt. advises that victim services is available for anyone requiring help

A bullet hole is seen in the windshield of an RCMP vehicle approximately 4 km from Vancouver International Airport after a one person was killed during a shooting outside the international departures terminal at the airport, in Richmond, B.C., Sunday, May 9, 2021. THE CANADIAN PRESS/Darryl Dyck
Homicide team IDs man in fatal YVR shooting as police grapple with spate of gang violence

Man, 20, charged in separate fatal shooting Burnaby over the weekend

Keith MacIntyre - BC Libertarian
Penticton’s Keith MacIntyre new leader of the B.C. Libertarian Party

The Penticton businessman was voted in by members of the party on May 8

Vernon North Okanagan RCMP reported to 287 mental health calls between Jan. 1, 2021, and May 1. (Black Press files)
‘It’s not the police’s responsibility to deal with mental health calls’: Vernon RCMP

RCMP remind public to take care of mental health and well-being, while better solutions are sought

Thompson Rivers University campus is in Kamloops, B.C. (KTW file photo)
Thompson Rivers the 1st B.C. university to supply free menstrual products

The university will offer the products this September

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Fraser Health is using ‘targeted’ vaccination clinics in high-risk areas of the Lower Mainland. (Fraser Health photo)
B.C.’s COVID-19 decrease continues, 515 new cases Tuesday

426 seriously ill people in hospital, up from 415 Monday

The site of Sunfest, Laketown Ranch, will be open for camping this summer. (Citizen file)
Sunfest country music bash won’t be shining on B.C. in 2021

Annual Vancouver Island Festival cancelled due to COVID-19, along with Laketown Shakedown

Tla-o-qui-aht First Nation elected chief councillor Moses Martin, who was also Chantel Moore’s grandfather, speaks to media in Port Alberni on Aug. 16, 2020, during a visit from NDP leader Jagmeet Singh following the police shooting of Chantel Moore. (Elena Rardon photo)
Mother of 2 shot by police in critical condition, says B.C. First Nation chief

Community ‘devastated’ by third member of 1,150-person Vancouver Island nation shot in less than a year

B.C. Agriculture Minister Lana Popham promotes the government’s BuyBC food program in 2019. (B.C. government)
Money running out for fresh fruit, vegetables, milk in B.C. schools

‘Looking at ways to support this type of program,’ minister says

Most Read