What includes on Canada’s Housing Action Plan?
Nov. 24, 2023
Global Korean Post
On November 21, Deputy Prime Minister and Minister of Finance, delivered the 2023 Fall Economic Statement, taking further action to support the middle class and build more homes, faster.
The government’s economic plan is building a strong economy that works for everyone, with great jobs that Canadians can count on.
According to the Government of Canada, Canada’s Housing Action Plan is as below;
- The $4 billion Housing Accelerator Fund, which is helping to cut red tape and build more than 100,000 new homes across Canada, faster;
- Repurposing more federal lands to build homes on;
- Removing the GST from new rental housing, including co-operative housing corporations that provide long-term rentals;
- Unlocking $20 billion in low-cost financing for rental construction to build up to 30,000 more homes per year;
- Financing more rental housing by providing $15 billion for loans through the Apartment Construction Loan Program, to help build 30,000 new homes;
- Building more affordable housing for the most vulnerable Canadians with $1 billion for the Affordable Housing Fund, to help build more than 7,000 new homes;
- Breaking down barriers to labour mobility within Canada, with priority for construction workers and health care professionals, and prioritizing skilled tradespeople for permanent residency;
- Cracking down on non-compliant short-term rentals and supporting municipal enforcement of short-term rental restrictions; and,
- A new Canadian Mortgage Charter to ensure Canadians at financial risk can access the tailored mortgage relief they can expect from their bank to help them make their payments and stay in their homes.
