Federal government announces their Housing Plan
The Canadian government has released Canada's Housing Plan.
What follows is the TL;DR overview - for the detail click here.
1) Build more homes:
•Introducing an Accelerated Capital Cost Allowance for apartments
•Expanding the removal of federal taxes (GST) for rental housing
•Increasing the annual limit for Canada Mortgage Bonds
•Providing low-cost loans to build apartments for the middle-class
•Making the Apartment Construction Loan Program easier and faster to use
•Launching Canada Builds, a team Canada approach to building affordable homes for the middle class, including on under-utilized public lands across the country
•Building homes on top of shops and businesses
•Launching a Historic Public Lands for Homes Plan
•Modernizing housing data
•Offering low-cost financing for homeowners to add additional suites
•Further incentivizing density to existing homes
•Investing in Indigenous housing and infrastructure
•Supporting Indigenous people living away from their communities in urban, rural, and Northern areas
•Helping municipalities legalize housing and streamline approvals
•Attaching housing conditions on public transit funding
•Building the necessary infrastructure to support growing communities
•Leveraging the Canada Infrastructure Bank
•Implementing an industrial strategy for home building
•Introducing a standardized housing design catalogue
•Scaling up new tech to build new homes
•Investing in new approaches to home building
•Providing low-cost loans to prefabricated housing projects
•Simplifying the way that Canada builds homes
•Making building codes digital
•Training the next generation of skilled trades workers
•Improving labour mobility to connect more people to opportunity
2) Make it easier to rent or own a home:
•Launching a Tenant Protection Fund
•Creating a new Canadian Renters’ Bill of Rights
•Leveraging rental payment history to improve credit scores
•Extending mortgage amortizations for first-time buyers buying newly built homes
•Strengthening the Canadian Mortgage Charter
•Leveraging the Tax-Free First Home Savings Account
•Increasing the Home Buyers’ Plan withdrawal limit
•Extending the grace period to repay Home Buyers’ Plan withdrawals
•Making home cheaper to heat, and easier on the environment
•Helping municipalities enforce regulations limiting short-term rentals
•Removing tax deductions for certain short-term rental operators
•Extending the ban on foreign home buyers
•Combatting mortgage fraud
•Cracking down on real estate fraud
•Confronting the financialization of housing
The Canadian Real Estate Association has applauded the Plan - read their press release here.
MPC’s official press release on the 2024 Budget can be found here.
The federal government’s full statement on the 2024 Budget can be found here.
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