Budget 2025: Real Estate Investor Impacts
Prepared by Matt Calnan · November 6, 2025
The 2025 federal budget keeps housing central to Canada’s growth plan, delivering key policy shifts that directly impact real-estate investors. It introduces meaningful administrative relief and improved financing conditions — without adding new tax burdens.
Key Policy Changes for 2025
- UHT Elimination: Repeal of the Underused Housing Tax simplifies compliance.
- CMB Expansion: $20B increase in multi-unit housing bonds improves liquidity.
- GST/HST Updates: New rebate rules for cooperative housing models.
- Modular Focus: Emphasis on prefab construction methods for efficiency.
What Stayed the Same
- Capital gains inclusion rates and exemptions remain unchanged.
- Rental rules and anti-flipping policies remain under provincial control.
- CMHC programs continue with no major structural changes.
Investor Impact Analysis
- Current Portfolio Holders: Reduced UHT overhead and new refinancing opportunities.
- Prospective Buyers: Better timing for roll-ins and insured-finance deals.
- Developers & Sponsors: Lower cost of capital for modular developments.
- Non-Resident Investors: Simplified compliance and stable cross-border conditions.
Strategic Relevance to Roll-In Program
The budget strengthens Calnan’s Roll-In Program, allowing owners to convert equity into CORE Fund units:
- Property is contributed at fair market value
- CORE assumes any mortgage debt
- Owner receives equivalent fund units
- Property is professionally managed within CORE portfolio
Why it matters: Repeal of UHT, expanded CMB funding, and focus on modular aligns directly with CORE’s growth path.
Recommended Next Steps
Investors, property owners, and developers are encouraged to connect with Calnan Real Estate Group for further analysis and partnership opportunities.