With a Property Valuers becoming less and less accessible to young households and low-income first-time buyers, pressure was felt from all sides for the government to intervene and calm things down. In response to the current context, the Government of Canada has therefore planned a set of measures aimed at facilitating access to property and affordable housing.
Here is an overview of the key measures announced.
Construction of 100,000 new homes
Canada does not have enough housing to meet the needs of all of its people. To increase the available supply, the government has therefore set itself the objective of doubling the number of apartments under construction within the next ten years .
To do this, the establishment of a 4 billion dollar fund was announced. This aims to create 100,000 new homes over five years . According to the government, it will be “designed in such a way as to be able to adapt to the needs and realities of cities and communities”. It could also include an annual incentive per door for municipalities or financial support for housing programs.
The federal budget also proposes to provide $1.5 billion over two years to extend the Rapid Housing Initiative . This new phase of funding would make it possible to build at least 6,000 affordable homes . In addition, a quarter of this amount would be dedicated to women-focused housing projects.