“We are changing the way we build homes in Canada. In our housing plan and Budget 2024, we are delivering ambitious action and investments to build more homes, make it easier to rent or own, and help the most vulnerable with stable housing. This is about restoring fairness for every generation, and housing is at the heart of that”, said Canadian Prime Minister, Justin Trudeau about the country’s new housing plan.
Right before the Budget Day coming next week, Trudeau has made it clear the reformation of housing is going to continue. The Prime Minister’s attention is on putting an end to housing issues, especially for those who struggle to find shelter. The mega plan’s thrust is on pacing up construction and enhancing affordability.
The ambitious plan, as per the estimates, will be unlocking 3.87 million new homes by the end of 2031. The Budget 2024 includes a $15 billion Apartment Construction Loan Program for the construction of a minimum of 30,000 new rental apartments across Canada. Approximately $1.5 billion is allocated to the development of co-op housing. In addition, some $1 billion will go to existing plans that fund programs aiming at the building and repairing of affordable housing.
Several Canadian cities such as Toronto and Vancouver have been struggling with the housing crisis. Homelessness has been on the rise. This multi-billion dollar project aims to benefit the unhoused. A number of cities have also been introducing housing restructuring plans to address the housing crisis.
A press release issued by the Liberal Government reads, “We will partner with homebuilders and housing providers to build homes on every possible site across the public portfolio and ensure long-term affordability”.
That’s not all, Justin Trudeau also announced a $1.5 billion Tenant Protection Fund. The funds will be used to regulate legal services and to fund tenants’ rights advocacy organizations that work to offer protection to tenants against unfairly rising rent payments, renovations, or bad landlords.
The Prime Minister also highlighted the need for skilled trade workers to make Canada’s new Housing Plan a success. Here’s a little breakdown:
Since before the Budget Day on April 16, Prime Minister Justin Trudeau has been making announcements addressing the housing crisis facing the North American nation. From incentivizing the construction of affordable housing to reconstruction, these plans promise to improve the housing infrastructure of Canada.
The real estate sector’s most influential leaders and innovators will be gathering in Calgary for a conference that, in all probability, is going to be the biggest real estate event in Alberta. Titled, ‘Rock’N REAL ESTATE 2024’, the BUZZ conference will be taking place in Carriage House Hotel & Conference Centre on Thursday, May 2. The meeting will open at 7:30 am with a light continental breakfast. The discussion will go from 8 am to 5 pm followed by an hour of networking session at the end of the event. Cocktails on the house!
Canadian housing activity was largely stable in March, but a key spring selling season lies ahead. Existing homesales edged up 0.5% in March (seasonally adjusted) and were up a modest 1.7% from sluggish year-ago levels (although an early Easter long weekend likely reduced volumes somewhat). While current activity might seem quiet compared to the exuberance in 2021 and early 2022, sales volumes are trending about in line with pre-COVID norms, albeit at the low end of that range.
“We are changing the way we build homes in Canada. In our housing plan and Budget 2024, we are delivering ambitious action and investments to build more homes, make it easier to rent or own, and help the most vulnerable with stable housing. This is about restoring fairness for every generation, and housing is at the heart of that”, said Canadian Prime Minister, Justin Trudeau about the country’s new housing plan.
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