|2016-03-22||Bill Morneau||Households rely on housing market data to make informed decisions in buying and selling their homes, while governments depend on data to design effective housing policies. Currently it is not possible to fully understand the role of foreign homebuyers in Canada's housing market since a comprehensive and reliable data set on the number of homes sold to foreign homebuyers does not exist.
Budget 2016 proposes to address this data gap by allocating $500,000 to Statistics Canada in 2016–17 to develop methods for gathering data on purchases of Canadian housing by foreign homebuyers. This initiative could involve collaboration with the provinces, such as British Columbia, which recently announced its intention to have homebuyers disclose whether they are citizens or permanent residents of Canada or another country.
Stable and secure housing markets protect the greatest investment of many middle class Canadian families. On December 11, 2015, the Government announced coordinated actions to strengthen the resiliency of Canada's housing finance system, increase market discipline in residential lending, and promote long-term stability and balanced economic growth. The Government will continue to closely monitor vulnerabilities related to housing and consumer debt and is prepared to implement further measures, should they be needed.