Prime Minister Justin Trudeau has announced Canada’s strategy to tackle the housing shortage, aiming to build almost 3.9 million homes by 2031.
The plan involves leasing unused public land to developers for affordable housing projects, possibly converting abandoned industrial parks, government sites that are no longer used, and schools with low enrollment.
Despite these efforts, Canada Mortgage and Housing Corp. estimates a shortfall of 1.2 million homes needed between 2023 and 2030.
Trudeau’s Liberal government has introduced several measures recently to address the housing crisis, with housing issues expected to be a big part of the next federal budget.
Trudeau is confident that the plan will improve Canadians’ lives, while Housing Minister Sean Fraser has outlined additional steps, such as changing tax rules to encourage big builders, suggesting longer-term loans at lower rates, and fighting mortgage fraud.
Justin Trudeau announces plan to lease public land for housing (Via Jeremy Baker/Getty Images)
However, experts like Mike Moffatt from the Task Force for Housing and Climate say a lot of money will be needed to hit the government’s goal. Moffatt says we need more info on the financial side of the plan in the upcoming budget.
Canada’s housing shortage is blamed on a few things, like fast-growing numbers of people coming in from other countries, prices going up, and high interest rates.
While housing is mainly up to provinces and cities, Ottawa uses rules and money to deal with the problem, even though it doesn’t build houses directly.
Trudeau’s announcement shows the government is trying hard to deal with one of Canada’s big issues, but how well the plan works depends on how it’s put into action and how much people invest in it.
