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    Posted 9/16/2023, 9:00:00 PM

    Housing Crisis Hurts Government Popularity, Requires Years of Work to Resolve

    • Canada has an affordable housing crisis that will take years to resolve

    • The crisis is hurting the government's popularity according to polls

    • Housing is mainly a provincial and municipal responsibility, the federal government has a limited role

    • Finance Minister Freeland said it will require a national effort on the scale of the 1940s and 50s

    • The government is trying to boost supply by removing a tax on new rental buildings and pushing cities to act

    • Freeland said it will take years of work by all levels of government and the private sector to resolve the crisis

    reuters.com
    Relevant topic timeline:
    8/27/2023
    This Week’s Top Stories: Canada Abandons Young Adults, & Housing Is An Inflation Risk - Better Dwelling
    Canadian real estate and the economy are facing challenges, with slowing growth, high debt for millennials, increased fixed-rate mortgages, rising housing prices as an inflation risk, and low mortgage growth prompting concerns.
    8/30/2023
    Canada Feels Like a House of Cards Waiting to Collapse
    Canada is facing a deep crisis due to a housing crisis, rising consumer debt, and high interest rates, which are causing unaffordability and financial vulnerability for working people, while the government's plan to address these challenges remains unclear.
    9/10/2023
    Housing Minister Weighs Tax Breaks, Land Use to Boost Affordable Housing Amid Economic Woes
    Canada's Housing Minister Sean Fraser is exploring various options, including tax incentives for builders and low-cost financing arrangements, in an effort to alleviate the housing crisis in the country. Fraser is also considering removing the Goods and Services Tax (GST) on affordable housing projects and allocating federal lands for rental housing. The main goals are to utilize allocated funds more effectively, support the construction workforce, and boost industries like factory-built homes. Canada's housing affordability crisis is attributed to increased migration and international student population, along with rising costs and slower construction.
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