With the NDP agreeing to support the Liberals until 2025, here is a look at some housing policies that could be introduced this week
. Both parties agree they want to build more housing and provide more funding to help low-income renters. They have also both accused institutional investors of driving up housing costs.One of the Liberal campaign promises last year was to establish a $4-billion fund to encourage construction of 100,000 new homes in the largest Canadian cities by 2025.
Kevin Lee, CEO of the Canadian Home Builders’ Association, a lobby group for home builders, said the fund could be used as a real incentive to cities that are able to increase their housing starts.The Liberals and NDP have said they want to tackle “financialization of housing” by the end of 2023. They have not defined financialization, but have both said big investors of real estate are driving up housing costs. They have not explained what kind of investor would be covered by any new rule.
Minto Apartment REIT, which develops and manages apartment buildings, agreed. “The impact on our business and Canada’s supply of affordable housing would be negative,” said CEO Michael Waters. Garima Talwar Kapoor, policy and research director at anti-poverty foundation Maytree, said there are tens of thousands of people that are on wait-lists for affordable social housing. She said she would like to see the funding increased significantly. “We need to address their acute housing needs directly,” she said.
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