Trudeau's housing agency has admitted that his government does not have a plan in place to construct new homes

December 22, 2023

Housing Blog Original Source:
https://www.conservative.ca/trudeaus-housing-agency-admits-his-government-has-no-plan-to-build-homes/

In Ottawa, Ontario, the issue of housing affordability in Canada has worsened significantly during Justin Trudeau's eight-year tenure as the Prime Minister. In the past, it took 25 years to pay off a mortgage, but today, it takes the same amount of time just to save up for a down payment. The situation has deteriorated to the extent that some families are compelled to opt for 90-year mortgages that they may never be able to repay. This swift rise in housing costs is unique to Canada, with Toronto being identified as the world's worst housing bubble, and Vancouver ranking as the third most unaffordable housing market globally.
To address the housing affordability crisis, the Canada Mortgage and Housing Corporation (CMHC), an agency under Trudeau's administration, declared in September that Canada needs 3.5 million new homes by the end of the decade. However, recent revelations have shown that Trudeau's government lacks a plan to bridge this housing gap, as confirmed in a conversation with a Senator:

Senator Marshall: Is there a plan in place yet?
CMHC CEO: No, there is no plan.

This admission did not come from an opposition Member of Parliament but from Justin Trudeau's own housing agency, highlighting the absence of a concrete strategy after eight years of his leadership. Trudeau's approach so far has mainly involved excessive and irresponsible money printing, which has inflated housing costs, benefiting large corporations and bureaucracies, while hindering actual home construction.
One of his recent initiatives, the $4 billion housing accelerator plan, appears to direct funds toward creating more local bureaucracies rather than increasing housing supply. Consequently, Canada is currently constructing fewer homes than it did in the 1970s, despite having a smaller population. In response to this crisis, Pierre Poilievre introduced the Building Homes, Not Bureaucracy Act, designed to incentivize municipalities to promote home construction while penalizing those obstructing development with NIMBY (Not In My Backyard) policies.
The Conservative Party of Canada aims to provide common-sense solutions to address the housing affordability crisis and ensure that Canadians have access to homes they can genuinely afford.