Start Date: 2024-11-23
End Date: 2024-11-29

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New Measures to Lower Housing Costs Announced

The Deputy Prime Minister and Minister of Finance announced initiatives aimed at reducing housing costs. The government is launching consultations to limit the purchase of single-family homes by large investors. Additionally, they are expanding GST exemptions to include student residences, following last year's exemption for new apartments. These measures are intended to spur the construction of 300,000 new homes. New stress test rules will also allow Canadians to switch lenders during mortgage renewals without additional stress tests, offering more flexibility.

Sources: ['Announcements: www.canada.ca']