Federal budget takes aim at housing issues but misses target, says P.E.I. advocate
CBC
Billions of dollars are being proposed for affordable housing as part of the 2022 federal budget but housing advocates on P.E.I. say it likely won't make much of a difference on the Island.
Finance Minister Chrystia Freeland tabled her budget in Parliament on Thursday and set aside $10 billion over five years for housing in Canada.
"It sounds nice but won't really do much," said Connor Kelly, with the P.E.I. Fight for Affordable Housing.
"It really doesn't seem like they understand what the root cause of the housing crisis is."
The budget promises to introduce tax-free savings accounts that would give first-time homebuyers the chance to save up to $40,000. It also includes $4 billion toward a new housing accelerator fund in hopes of speeding up construction and promises a two-year ban on foreign investors looking to buy residential property.
"It seems really poorly thought out ... blaming people in other countries for the problems in our country," said Kelly.
"The big issue is corporate landlords and big landlords, most of which are domestic."
A real estate broker with Remax Charlottetown agreed that foreign investors are not the main problem on P.E.I.
"That seems like a really big hammer to hit a really small nail," said Mary Jane Webster.
"That really doesn't have any effect on our market."
That market has been tight over the past few years on P.E.I. Prices are climbing and real estate has been selling at tremendous rates.
But even with the budget's proposed initiatives, Webster said she doesn't believe homebuyers on the Island will breathe a sigh of relief any time soon.
"We're seeing the lowest amount of inventory we have in pretty much the history of organized real estate on P.E.I. and that's more of a supply-demand issue than it is anything else," she said.
Back in February, data from the Canada Mortgage and Housing Corporation showed rental vacancy rates in the province had dropped to 1.5 per cent.
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