In response to the growing housing affordability crisis, Canadian Prime Minister Justin Trudeau, alongside Deputy Prime Minister and Minister of Finance Chrystia Freeland, and Minister of Housing, Infrastructure and Communities Sean Fraser, announced the new "Canada's Housing Plan". This ambitious initiative is set to create nearly 3.87 million new homes by 2031, supported by significant financial commitments in the forthcoming 2024 Budget.
The government's strategy emphasizes reducing construction costs and expediting the building process to meet the increasing demand. The plan includes the construction of at least 2 million new homes, supplemented by an additional 1.87 million homes already projected by the Canada Mortgage and Housing Corporation.
Key elements of the plan involve a $15 billion increase in loans for the Apartment Construction Loan Program, aiming to develop a minimum of 30,000 new rental apartments across diverse communities. Furthermore, the introduction of the Canada Builds program seeks to amplify middle-class housing availability through collaborative federal and provincial efforts.
The plan also focuses on inclusivity, offering enhanced support for Indigenous communities and introducing measures to make home ownership more accessible to younger generations through increased credit score benefits from rental payment history and extended mortgage amortizations for first-time homebuyers.
In addition to housing, the plan addresses workforce development with a $90 million investment in the Apprenticeship Service and $10 million for the Skilled Trades Awareness and Readiness program, aiming to cultivate a new generation of skilled trades workers essential for achieving these ambitious housing targets.
