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Published: May 10th, 2024 • Last Updated: May 10th, 2024
Author: Brent Rowe on AskRoss.ca
In the bustling Toronto real estate market, Canada’s recent immigration boom has ignited concerns among experts regarding housing and infrastructure strain. With many communities falling short of housing targets, worries mount over the availability and affordability of housing as demand surges.
Government Initiative
To address these pressing issues and appeal to young voters ahead of the next General Election, the federal government has taken an active role in the real estate and mortgage sectors. Their latest initiative, “Solving the housing crisis: Canada’s Housing Plan,” unveiled on April 12, outlines significant investments from the upcoming Budget 2024.
Key Objectives
Central to this plan is the commitment to housing affordability, with a focus on ensuring that no hard-working Canadian allocates more than 30% of their income to housing costs. The government aims to ensure every Canadian has access to a safe and affordable place to live.
Ambitious Targets
The plan presents an ambitious strategy to unlock 3.87 million new homes by 2031. This includes a minimum of 2 million net new homes, supplementing the Canada Mortgage and Housing Corporation’s forecast of 1.87 million new homes by 2031. (Notably, CMHC has previously indicated a need for nearly five million new homes by 2030.)
The Takeaway
The federal government’s bold housing plan marks a significant step in addressing Canada’s housing crisis. By prioritizing housing affordability and setting ambitious targets for new home construction, the government aims to ensure that all Canadians have access to safe and affordable housing.
Toronto News
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