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Canada’s Housing Plan: Pre-Budget 2024

For too many young Canadians, it feels like you don’t have a fair chance at doing as well as your parents, or better. Hard work isn’t paying off like it did for previous generations; paycheques don’t go as far as costs go up, and saving enough seems harder and harder.

Earlier today, I was honoured to join Prime Minister Justin Trudeau, Deputy Prime Minister and Minister of Finance, Chrystia Freeland, the Minister of Housing, Infrastructure and Communities, Sean Fraser, and many of my colleagues in unveiling Canada’s Housing Plan, which responds to the significant housing challenges faced by Canadians of all generations.

In years since the pandemic, Canada’s housing sector has faced increasingly difficult challenges, compounded by high interest rates that slowed the economy and home construction. Today, the national housing crisis presents one of Canada’s greatest social and economic challenges. Canada needs to build more homes, faster, to meet the demand of our growing communities.

To tackle this challenge, we’re focusing on three pillars: 

Building more homes

From concept to construction, we need to increase the pace of homebuilding to get Canadians into homes that meet their needs at prices they can afford. We’re doing this by:

  • Making the math work for builders through incentives that cut costs, and by providing low-cost loans.
  • Speeding up the pace of construction by getting cities to improve their zoning and permitting processes, building the infrastructure to support housing growth, and working with provinces and territories on the National Building Code.
  • Changing how homes get built in Canada with investments and a standardized set of pre-approved designs we are going to deploy new homebuilding technologies at a scale that Canada has never seen before; and
  • Growing and training the Canadian workforce to develop the skills they need to build the homes we all want and create good-paying jobs along the way.

Making it easier to own or rent a home

As it was for any other generation, the prospect of owning a home needs to be as real today for young people. We’re restoring the prospect of homeownership and creating a healthy rental sector in Canada by:

  • Launching a Canadian Renters’ Bill of Rights in partnership with the provinces and territories so renters have a clear history of apartment pricing, standardized lease agreements, cracking down on renovictions, and giving renters more agency.
  • Launching a Canadian Homebuyers’ Bill of Rights in partnership with the provinces and territories so prospective homebuyers are given more agency.
  • Leveraging rental payment history to improve credit scores; and by
  • Lowering monthly payments of first-time home buyers who purchase new builds by allowing 30-year amortization rates starting August 1, 2024.

Helping those who can’t afford a home

Making sure everyone has a place to live is the right thing to do, and it’s the Canadian thing to do. Everyone has a right to decent housing, regardless of income. So, we’re:

  • Keeping affordable housing through a rental protection fund. This fund will preserve existing homes and support the acquisition of new ones.
  • Building more affordable housing.
  • Helping communities provide long-term support to address their local homelessness challenges; and
  • Supporting our most vulnerable who are living in encampments or are unhoused transition to a dignified housing solution.

Our government is taking a leadership role and making investments that drive the change needed to help solve Canada’s national housing crisis. Everyone deserves a safe and affordable place to call home.

Read the Housing Plan and its full details here.

Tony Van Bynen

Member of Parliament for
Newmarket—Aurora

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