from the Canadian Real Estate Association
The Canadian Real Estate Association (CREA) is encouraged by the unprecedented emphasis on housing in the 2023 Fall Economic Statement, which announced several measures aimed at enhancing existing housing programs, as well as the government’s commitment to increasing housing supply across the entire housing continuum, through various new programs.
On Tuesday, November 21, Deputy Prime Minister, and Minister of Finance Chrystia Freeland tabled the statement which included its first-ever housing-related chapter titled Canada’s Housing Action Plan, focused on mitigating the housing crisis and restoring housing affordability for Canadians. The government introduced new measures to: incentivize the construction of new rental housing; protect homeowners and renters; and ensure all Canadians have a safe, affordable place to call home.
The government committed to numerous measures, including many positions and recommendations CREA has lobbied on over the last few years, such as tying funding for infrastructure projects to building more homes, and prioritizing permanent residency for construction workers from abroad, with skills that can help build more homes faster.
The following measures were introduced:
More Construction Workers to Build More Homes
Supporting Renters, Buyers, and Homeowners
The government stated it intends to propose new amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Criminal Code to strengthen Canada’s anti-money laundering and anti-terrorist financing framework. The government is also consulting on several changes to the Underused Housing Tax (UHT) to help facilitate compliance.
CREA will continue to monitor these measures, as well as the others announced, and assess the impact they have on the housing continuum, including homeowners, renters, and REALTORS®.