Canada's Senate on Thursday passed Prime Minister Justin Trudeau's budget, adopting a long list of measures including a two-year ban on foreign home buyers and the power to confiscate and sell assets seized in response to Russia's invasion of Ukraine. The Liberal government laid out a budget in April geared at boosting affordability of housing with fresh funding and a promise to ban foreign investors from buying Canadian homes for two years, among other measures. It lists over a dozen changes to the country's income tax laws which were described by the Senate's finance committee as "highly technical" and "seriously difficult for Canadians, including tax experts, to understand."
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OTTAWA (Reuters) -Canada would need to more than double the number of homes it is projected to build by 2030 to restore housing affordability, the national housing agency said on Thursday. The Canada Mortgage and Housing Corporation (CMHC)said 3.5 million more houses would be needed, on top of the 2.3 million housing units Canada is projected to add to the housing pool by 2030. The agency said the provinces of Ontario and British Columbia are going to contribute two-thirds of the housing supply gap by 2030, while Quebec would also need more houses.