Canadian gov't announces plan to solve national housing crisis
Apr 13, 2024
Ottawa [Canada], April 13: The Canadian federal government on Friday announced its vision and plan to solve the national housing crisis.
According to a news release issued by the prime minister's office, the plan lays out a bold strategy to unlock 3.87 million new homes by 2031, which includes a minimum of 2 million net new homes, on top of the Canada Mortgage and Housing Corporation's forecast of 1.87 million being built anyway by 2031.
Federal actions in this plan, in Budget 2024, and taken in fall 2023 will support at least 1.2 million new homes and the federal government calls on all orders of government to build at least 800,000 more homes by 2031, the release said.
At the heart of this plan lies a commitment to make housing affordable. No hard-working Canadian should have to spend more than 30 percent of their income on housing costs. No Canadian should have to live without knowing they have a safe and affordable place to live, the release said.
According to the release, one of the biggest pressures on Canadian people right now is housing. Young Canadians are renting more than ever and being priced out of their communities. Families are finding it difficult to get a good place to settle down. The cost to build homes is too high, and the time it takes to finish projects is too long.
Source: Xinhua
