Trudeau offers no timetable on promised homebuyers rights bill as prices soar

Justin Trudeau highlighted budget measures meant to address rising house prices and supply shortages but did not provide clarity on when those measures will become a reality.

Prime Minister Justin Trudeau on Thursday offered no timetable on when new initiatives will be introduced as part of a Home Buyers’ Bill of Rights to help more first-time buyers enter Canada’s red-hot real estate market.

Speaking to reporters in Ottawa, Trudeau highlighted measures outlined in the latest federal budget meant to address rising house prices and supply shortages, but did not provide clarity on when those measures will become a reality.

“These are measures that are going to support families as we try to address this significant challenge in real, concrete ways,” the prime minister said.

Trudeau also pointed to the budget’s commitment to double the annual pace of building in the country over the next decade, up from the current 200,000 units per year, stressing that fixing the lack of supply is “unbelievably important.”

The budget unveiled earlier this month confirmed a plan for Housing Minister Ahmed Hussen to engage with provinces and territories over the next year “to develop and implement a Home Buyers’ Bill of Rights and bring forward a national plan to end blind bidding.”

That bill would also ensure home inspections are a legal right for buyers before purchase, according to the budget.

The budget includes plans for a federal review to find out more about what role large corporate landlords play in the market and the impact on renters and homeowners. It also set out new rules to tax property flippers who sell a home within 12 months of purchase.

The government has been wary of setting dates for when these and other initiatives are introduced as part of the Home Buyers’ Bill of Rights, which was a key part of the Liberals’ 2021 election campaign platform.