The federal budget would extend the ban on foreign purchases of existing homes until 2029 while allowing non-residents to buy newly built homes. Supporters say the change could help sell about 4,500 unsold condos in Metro Vancouver and improve pre-sale demand, helping developers finance new projects. Its impact may be limited by provincial foreign-buyer taxes, and its effect on affordability remains uncertain. The budget also expands access to 30-year mortgages for some first-time buyers.

Half of Canadians currently own homes, with only 10% planning to buy in the future. Affordability is the top factor for 60%, followed by neighborhood safety at 47%. Nearly half would move up to an hour away to afford a home. Although 75% are aware of the federal GST/HST rebate, only 14% say it influenced their purchase plans. Most see the rebate's impact as modest, helping some first-time buyers but not significantly improving affordability.

First-time homebuyers should prepare by budgeting for mortgage, taxes, insurance, and maintenance. Getting pre-approved for a mortgage clarifies affordability. Research local markets and factor in closing costs. Consider home inspections to avoid surprises. Decide between buying resale or building new, weighing costs and energy efficiency. Plan for future needs, resale value, and ongoing maintenance. Take time to choose wisely for a confident homebuying experience.

Canada's construction industry is projected to grow 2.6% in 2026, supported by increased residential and non-residential investment. Despite challenges like higher material costs and US trade tariffs, growth from 2027 to 2030 is expected to average 2.8% annually, driven by government investments in renewable energy, infrastructure, mining, and affordable housing, with housing development as a key focus.

First-time homebuyers in Canada should assess their finances, set a realistic budget including all costs, and save for a down payment to avoid mortgage insurance. Getting mortgage pre-approval clarifies borrowing limits and locks interest rates. Research the market thoroughly and consider first-time buyer incentives. A home inspection is essential, and be prepared for closing costs. Avoid overextending budgets, skipping pre-approval, ignoring hidden costs, and making emotional decisions.

In August 2026, Greater Vancouver saw its median sale price fall by 3.5% compared to last year. This is a meaningful shift, opening up more affordability for buyers in a market known for high prices. If you've been waiting for a better entry point, this could be your moment to act.

Federal legislation effective March 2026 allows GST relief for first-time home buyers on qualifying new homes priced up to $1.5 million, with full exemption up to $1 million. Eligibility depends on purchase date, home use, and documentation. Buyers must verify rules carefully, keep detailed records, and not assume all properties qualify. Taxpayers should confirm current rules before filing or financial decisions, as tax impacts vary by individual circumstances.