Ask the Expert: Can the new Liberal housing plan solve Canada’s housing crisis?
Recently, Prime Minister Mark Carney and the Liberal party unveiled Building Canada Strong, a new ambitious housing plan to accelerate residential construction with the goal of building 500,000 homes a year.
Their most notable policies include cutting development fees for new construction, having the government play the role of developer to build and manage affordable housing across Canada (the Build Canada Homes Plan), and to eliminate the Goods and Services Tax (GST) for first time homeowners purchasing homes under $1 million.
This plan comes at an uncertain time — Canadians are contending with high unemployment, stagnating real estate markets in our biggest cities, and an ongoing affordability crisis. Our mortgage expert weighs in on the new Liberal plan and where he thinks mortgage rates are heading in the near future.
What are your thoughts on the Building Canada Strong plan?
Do you think it goes far enough to solve the housing crisis? Anything you think they could do differently?
After a rollercoaster election and one of the biggest surprise turnarounds in history, we have a new minority government in Canada for the next four years led by Prime Minister Mark Carney. Love him or hate him, we should all wish the new leader all the best. His success will translate into our success.
Being Canadian means supporting your country and that means supporting and respecting your government. It’s okay to criticize when appropriate and necessary. We all do it. But in order … Continue Reading…
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Steve Garganis: 416-224-0114; steve@canadamortgagenews.
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