TORONTO, April 12, 2024 (GLOBE NEWSWIRE) — Canada is in the middle of a historic housing affordability crisis and families need governments at all levels to come forward with policies that will lower costs for home buyers and get more homes built faster.
Today’s announcement by Prime Minister Trudeau, Minister Freeland and Minister Fraser of Canada’s Housing Plan is a historic commitment to addressing the housing crisis that is projected to unlock 3.87 million new homes by 2031.
The Toronto Regional Real Estate Board (TRREB) is a leading voice for governments to step up and make it easier to build more homes people can afford in the Greater Golden Horseshoe. Canada’s Housing Plan delivers funding and support that will help provinces and local governments end exclusionary zoning, freeze development charges, and build housing enabling infrastructure.
TRREB is pleased to see that Canada’s Housing Plan commits to helping future home buyers achieve their dreams through extending mortgage amortizations for first-time home buyers and increasing the home buyers’ plan withdrawal limit to $60,000 for an individual or $120,000 for couples. These are important changes that will help keep the dream of homeownership within reach for individuals and families.
We also welcome the Plan’s strong commitment to provide funding to build affordable rental units that meet everyone’s needs, including students and seniors, as well as leveraging under-utilized public lands to increase housing supply across the country.
Finally, Canada’s Housing Plan offers important support to existing homeowners with renovations and improving home energy efficiency. While improving home energy efficiency is essential to helping families lower their energy bills, TRREB encourages the federal government to focus on voluntary, incentive-based programs instead of mandatory measures that will add red tape and costs to the buying or selling process.
TRREB encourages all levels of government to take a “Team Canada” approach to solving our housing affordability crisis. Finding an affordable place to call home cannot be a partisan issue that divides us. We must unite to meet this historic housing challenge.
Jennifer Pearce
TRREB President
Media Inquiries:
Maria Karafilidis, Manager, Public Affairs maria.karafilidis@trreb.ca 416-443-8139
The Toronto Regional Real Estate Board is Canada’s largest real estate board with over 71,000 residential and commercial professionals connecting people, property and communities.
www.trreb.ca/
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