The Liberal government will try to ease Canada’s housing crisis with more than $10 billion in funding meant to speed up home construction and repairs as well as through a ban on home buying by foreign investors and tax measures to reduce speculation, while at the same time adding help for those trying to get into the market.
The commitments make up one of the biggest areas of spending in the federal budget unveiled Thursday, though the plans rely heavily on cooperation with other levels of government and the private sector.
The spending includes $4 billion in a broad accelerator fund for municipalities to help with planning and delivery of housing, with a target of 100,000 new units over five years. Commitments also include $4.3 billion in spending for Indigenous communities over seven years, including $2.4 billion for on-reserve housing, though those figures are far short of what advocates say is needed.
“We recognize that the central challenge in Canada when it comes to housing is a lack of supply,” Freeland said during a press conference Thursday afternoon, emphasizing that the budget targeted the supply side of the housing equation while acknowledging other levels of government will be needed to execute the plan fully.
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