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."Over the next 10 years, we will double the number of new homes we build. This must become a great national effort, and it will demand a new spirit of collaboration," Finance Minister Chrystia Freeland said in her forward to the budget.
Other measures include $150 million for affordable housing in Northern Canada over the next two years, more than $600 million for new and existing programs to address homelessness, and just over $1 billion for a variety of home energy efficiency initiatives, including loans and grants for greener affordable housing.
The country is also under pressure to cool an overheated market after prices climbed by more than 20 per cent since last year to hit a record $816,720 in February, while rental rates have also been rising.
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