2025 Federal Budget: What It Means for You and Your Clients

This year’s federal budget is called Canada Strong.
We could just as easily call it Canada Big.

Big promises.
Big spending.
Big debt.

But more importantly—it’s big on housing. And that matters. To you, your clients, and our entire industry.

So what’s the plan?

Build more homes.
Build more infrastructure.
Build a stronger economy.

All of it backed by $78.3 billion in new debt this year alone—nearly double last year’s projection.

Bold?
Yes.

Risky?
Absolutely.

But the belief in Ottawa is simple: bet big now, win big later.

The Wins (and What They Mean to You)

$25 billion for housing.
That’s faster builds, more supply, and (hopefully) a little relief on price pressure... although maybe not (read on).
So maybe, maybe it's great news for first-time buyers, investors—and anyone tired of playing the bidding war lottery.
See the CMB comments below and make your judgements.

$115 billion into infrastructure.
Roads, ports, pipelines—the works. And why does that matter to a mortgage broker? Because infrastructure fuels growth. Growth fuels housing demand. And demand keeps our pipelines full.

$30 billion for defence.
It may not impact your day-to-day, but it does mean construction jobs, long-term contracts, and nationwide employment. And all of that trickles into housing.

And a notable gain for commercial brokers working the multi-unit side of the market:

The government is increasing the Canada Mortgage Bond (CMB) program to $80 billion, up from $60 billion. But this time, the full $20 billion increase is for one thing only—multi-unit housing.

That’s a massive shift.

Purpose-built rentals now account for more than 50% of all housing starts—a seismic change from just a few years ago, when they hovered around 10% (for decades). The construction industry is pivoting hard, and the CMB expansion ensures there’s (more) money behind that pivot.

The CMB is the vehicle most lenders use to fund multi-unit projects. More CMB = more liquidity = more rentals. And with supply in crisis, this move hits the mark as far as the optics of the 'housing starts' number is concerned.

Last year’s 20B$ bump was split between owner-occupied product and multi-unit.
This year?
It’s all multi-unit.
That means owner-occupied starts will likely fall further from their already record-low share.

In other words:
More rental stock. Less owner-occupied product.
And yes, that imbalance could help support prices—or push them even higher.

Also in the Budget:

• A “super-deduction” tax break for businesses investing in growth—think more employers, more jobs, and ultimately more people wanting to own their own housing.

• Tighter immigration policy for temporary residents, aiming to ease pressure on housing and healthcare systems.

• A leaner federal government, cutting 40,000 public sector roles over five years, saving $60 billion.

So what now?

Start talking to your clients.

Faster rental starts.
More investor opportunity.
Continued scarcity of owner-occupied product.
Potential rate shifts.
New tax incentives.
And lots of noise to cut through.

You’re the filter.
You’re the expert.
You read the fine print—so they don’t have to.

This budget isn’t about short-term comfort.
It’s about building long-term momentum.

And for brokers?
This is a time to lead.

DW