Prime Minister Justin Trudeau was in Metro Vancouver on Monday morning to highlight what the federal government says are measures being taken in this year’s federal budget to increase the supply of housing and make it more affordable and accessible for people across the country.
Standing outside a townhouse development in Maple Ridge, Trudeau said that too many Canadians are being priced out of buying or renting where they live, “because there are not enough homes to keep up with the demand.”
The federal government said that with this year’s budget, it is expanding the Rental Construction Financing Initiative to build more rental units in communities across Canada.
In addition, the budget proposes Housing Supply Challenge, “which would invite municipalities and other organizations to propose innovative solutions to help get more new housing built.”
And in a move it said will modernize the Home Buyer’s Plan, the government said that for the first time in a decade, it is increasing the amount that first-time home buyers can withdraw from their Registered Retirement Savings Plan, from $25,000 to $35,000.
For British Columbians, the government said this budget proposes support for a joint initiative of the Government of Canada and the Province of British Columbia – dubbed the Expert Panel on the Future of Housing Supply and Affordability – which it said will “examine trends” in rental and homeownership.
“Safe, affordable homes give Canadian families the stability and opportunities they need to thrive in their communities,” said Trudeau. “Our government is taking action to… make sure our cities remain great places to live, now and into the future.”