How the budget could impact housing in the Maritimes

Home ownership in Halifax is starting to appear like a pipe dream for many, especially to young people.

"Prices are a bit too pricey," says Saint Mary’s University student Devin Gallo.

Gallo, is in his third year of study and he says he expects to still be living a university lifestyle after graduation.

"I think the plan right now is definitely a few roommates," says Gallo. "Once I do move out, if there is a good job then hopefully I can save up for that but right now it is not realistic."

It's an issue the federal government is trying to address in Thursdays budget. One move is banning the foreign purchase of property in Canada for two years.

At first glance, it seems like a possible solution to the housing crunch.

"I really think it's much to do about nothing," says Roger Boutilier, CEO of the Nova Scotia Association of Realtors.

However, Boutilier isn't convinced out-of-country property ownership is a big problem.

"Typically, only about three to five per cent, based on statistics Canada of foreign owners on homes in Canada that are left vacant," Boutilier says.

The federal government is also committing $4 billion to speed up the approval process of building permits and zoning requests.

An additional $2.5 billion will go toward co-op and affordable housing units.

"I’m happy to see that it’s a focal point of the budget and that they are recognizing there are many reasons for the housing crisis that we're in, that require many solutions and many strategies,” says housing advocate, Hannah Wood.