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TRREB Statement on Federal Budget 2025

Canadians continue to struggle with housing affordability and supply challenges. Driven by economic uncertainty and high construction costs, projects are stalling, builders are cancelling developments, and families and individuals are struggling with affordability. The Toronto Regional Real Estate Board (TRREB) and housing sector partners have called on the federal government to take bold, coordinated action…

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Canadians continue to struggle with housing affordability and supply challenges. Driven by economic uncertainty and high construction costs, projects are stalling, builders are cancelling developments, and families and individuals are struggling with affordability.

The Toronto Regional Real Estate Board (TRREB) and housing sector partners have called on the federal government to take bold, coordinated action to boost housing construction, lower costs, and restore affordability for residents.

TRREB welcomes the continued focus on housing in the 2025 Federal Budget, including the reiteration of the elimination of the GST/HST on new homes for first-time buyers, new investments through Build Canada Homes and the $51 billion Community Housing Infrastructure Fund, which includes support for housing enabling infrastructure such as roads, water and wastewater. These measures will help address housing affordability and boost construction across the spectrum. TRREB has long supported tax relief that lowers costs for homebuyers, recognizing that higher taxes hurt buyers, sellers, landlords and renters. 

While these are positive steps, the budget offered limited concrete measures to support Canadians aspiring to achieve affordable homeownership. TRREB encourages the federal government to redouble its efforts to support the Canadian dream of home ownership by:

  • Accelerating the construction of missing middle housing that families, individuals, and seniors can afford. This work should include using all federal levers to boost missing middle housing construction, including infrastructure funding levers, CMHC financing and Build Canada Homes.
  • Expanding the GST/HST exemption to include all new homebuyers.
  • Following through with an action plan to reduce municipal development charges by 50 per cent.
  • Honouring the commitment to revive a Multi-Unit Residential Building (MURB) tax incentive program.

More Canadians are losing hope that they will ever be able to afford a home, and the federal government must take deliberate action to protect the Canadian dream. 

Elechia Barry Sproule
TRREB President

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