Ontario Construction Nws staff writer
federal government plans to utilize underused properties owned by Canada Post and the Department of National Defence to boost the country’s housing market by increasing affordability and supply.
The Liberals’ fiscal plan emphasizes the need for housing to be primarily for Canadian residents, rather than as an investment opportunity, mentioning this objective at least six times.
The goal is to make homeownership and renting more affordable by constructing 3.87 million new homes by 2031. This target represents an increase of two million homes on top of the 1.87 million already expected to be built.
The budget proposes repurposing Canada Post and National Defence properties to be leased to builders for new housing projects.
These measures build on earlier initiatives such as extending mortgage repayment periods for first-time homebuyers to 30 years, banning foreign investment, regulating short-term rentals, and providing an additional $400 million to expedite construction projects.