The federal government’s much anticipated recently released Budget 2025 held such promise – and we certainly hoped – that it would address the issues facing the housing markets in Canada.

Indeed, homebuilding and other housing stakeholders, including the Canadian Home Builders’ Association (CHBA), had been educating Ottawa in recent months on the issues, and offering potential solutions.

Plan to transform the economy

It is a “plan to transform our economy from one that is reliant on a single trade partner, to one that is stronger, more self-sufficient and more resilient to global shocks,” the government says. “Our plan builds on Canada’s strengths – world-class industries, skilled and talented workers, diverse trade partnerships, and a strong domestic market where Canadians can be our own best customers. We are creating an economy by Canadians, for Canadians.”

Be it due to a focus on a larger, more fundamental economic pivot to deal with increasing trade challenges, early reviews are that Ottawa came up short on the housing component in Budget 2025.

CHBA, the Ontario Home Builders’ Association (OHBA), and the Building Industry and Land Development Association (BILD) all seem less than enthralled with inclusions in the budget to address housing challenges with any immediacy.

Some good news, however, comes from the province, with its Fall Economic Statement.

New-home buying opportunities

Like CHBA and BILD, OHBA says it will continue to advocate for the removal of the provincial portion of the GST on all new home construction, not just for first-time homebuyers – which represent only about five per cent of the new home market.

Meanwhile, as our story on page 18 and other content in this issue explores, there are new-home buying opportunities in the GTA and elsewhere in Ontario – for those who are well prepared and can budget accordingly.