11/10/2025
🏠 Federal Budget 2025: Big Promises, Small Relief (For Now)
The federal government dropped its 2025 budget this week, and while everyone’s talking about the $78.3 billion deficit and Mark Carney’s debut as Prime Minister, what really matters for us is housing, mortgages, and affordability right here in Ottawa.
The Short Version
Ottawa says it wants to “supercharge” housing supply, and this budget makes that clear. Billions are going toward building multi-unit rentals, transitional housing, and supportive homes. The Canada Mortgage Bond program is being expanded from $60 billion to $80 billion, but here’s the catch: the money’s locked in for multi-unit projects only. Translation: great for developers and investors, not much immediate help for families trying to buy their first home.
What’s in It for Homebuyers?
The GST elimination on new homes under $1 million (and partial reductions up to $1.5 million) is still on track, just waiting on Parliament. It’s a nice step, but it doesn’t solve the fundamental issue: supply. Missing-middle housing, duplexes, townhomes, low-rise apartments, got little more than a polite mention. These are the homes real people in Ottawa actually need.
OREB’s Take
The Ottawa Real Estate Board called the budget a “step forward” but said it falls short on immediate affordability. They applauded the investments in homelessness and Indigenous housing, real money that matters, but pointed out what’s missing: measures that help first-time buyers get into the market today.
OREB also highlighted some tough local stats:
• 82% of Ottawa residents are worried about housing.
• 67% call it unaffordable.
• 71% of non-owners still dream of buying, but half don’t think they’ll ever afford it.
The Market Angle
The government’s throwing money at infrastructure and linking it to housing reform which could eventually bring down costs. Ottawa’s development charges alone can add up to $63,000 to the price of a new low-rise home. If the new Community Housing Infrastructure Fund actually helps reduce that, we might see some real movement.
Also worth noting: Ottawa’s scrapping the Underused Housing Tax and a few other dead-weight programs that caused more paperwork than progress. Good riddance.
What It Means for You
For builders, developers, and commercial players, this budget’s a win. For first-time buyers and everyday homeowners, not much immediate change. It’s a long-term bet on supply, but ex*****on will be everything.
