Prime Minister Justin Trudeau said the federal housing strategy has three main pillars to help address the crisis. Trudeau was in Waterloo Region Wednesday to address the shortage of homes, and the lack of affordable options.
Trudeau said Canada is investing $4 billion for the launch of a new Housing Accelerator Fund that will help create 100,000 new housing units over the next five years; and providing $1.5 billion to extend the Rapid Housing Initiative and create at least 6,000 additional affordable housing units across Canada.
"Making life more affordable for Canadians starts with addressing housing affordability. All Canadians deserve a safe place to live, raise their families, and build their future. Budget 2022 will put home ownership in reach for more Canadians, while creating jobs and growing the economy." said Trudeau.
Trudeau added his government is helping Canadians buy their first home by introducing the Tax-Free First Home Savings Account to allow first-time home buyers to save up to $40,000; doubling the First-Time Home Buyers' Tax Credit to $10,000, providing up to $1,500 in direct support to home buyers; extending the First-Time Home Buyer Incentive to March 31, 2025, to allow first-time home buyers to lower their borrowing costs; and investing $200 million to help develop and scale up rent-to-own projects across Canada.
Trudeau said a two year ban on foreign buyers investing in Canadian real estate should make more homes available to Canadians. And he hoped to protect home buyers by working with provinces and territories to develop and implement a Home Buyers' Bill of Rights and bring forward a national plan to end blind bidding.
