The federal government is facing increasing pressure to address the housing supply shortage in Canada. As opposition leader Pierre Poilievre criticizes the government for unaffordable housing, the minister in charge of the housing portfolio is exploring new approaches to tackle the issue. The rising levels of immigration and the impact of rising interest rates have further strained the national housing supply. A recent report from the Canadian Home Builders Association revealed that one in five builders have had to cancel entire projects due to the current environment.
Sean Fraser, the newly appointed housing minister, recently announced funding for affordable housing units in British Columbia. When asked about restoring the Canada Mortgage and Housing Corp.’s (CMHC) former mandate to build homes, Fraser acknowledged that the government is considering such a move. He highlighted the government’s intention to reverse the retreat from the housing portfolio that has occurred over the past few decades. While the focus of government programs has primarily been on supporting low-income and vulnerable individuals, Fraser acknowledged the need to address the struggles of middle-class families in accessing affordable rental homes and homeownership.
Fraser emphasized that the government’s approach will adapt to address the changing needs. He stated that the government will develop new programs to create more housing opportunities, although specific details were not provided. Collaboration with provinces and municipalities will be crucial in offering tailored solutions to housing concerns in different communities. This may involve incentivizing the construction of purpose-built rental housing, such as the recent commitment of $500 million to build affordable units in British Columbia.
Fraser’s comments indicate that the federal government is willing to take a more active role in addressing housing affordability. While the federal government has previously distanced itself from this responsibility, Fraser’s statements suggest a shift in attitude. However, opposition leader Pierre Poilievre has criticized the government, arguing that they should withhold funding from cities that fail to meet housing targets. In response, Fraser argues for incentivizing construction through federal funding rather than using punitive measures.
The Canada Mortgage and Housing Corp. (CMHC) has warned that the country needs to build 5.8 million homes by 2030 to restore affordability. However, the recent report from CMHC shows a decline in housing starts in July compared to the previous month. The government’s focus on addressing the housing supply shortage is essential to ensure the availability of affordable housing in Canada.
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