Stated goal is to create a supply of 3.87 million new homes by 2031
The federal government is eyeing underutilized Canada Post and National Defence properties as a way to deliver affordability and supply to the country’s housing market.
The Canadian Mortgage and Housing Corp. has said the country needs to build 3.5 million more homes by 2030 to restore affordability to levels seen in 2003 and 2004. One of the plan’s cornerstones is freeing up vacant public land and leasing it to builders to build homes the party claims will be “affordable forever.”
National Defence’s 622 properties are also a target. Sites in Halifax, Toronto and Vancouver have been identified for either civilian or military uses and another 14 have been deemed surplus and ideal for housing. The government reasons that more land freed up for building will help push down housing costs for average Canadians, which it wants to see spend no more than 30 per cent of their income on shelter.
That pace means homes are being kept “out of reach” for many first-time buyers, the budget concludes. Meanwhile, renters are having a hard time keeping up with costs too.
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