Canada plans to introduce incentives to ease housing burdens
This was revealed by the Minister of Housing.
Canada's Housing Minister Shawn Fraser believes there are a number of opportunities to ease the country's housing crisis. He spoke to the CBC about it over the weekend.
"There's a range (of incentives) that we're considering right now. Some could include potential tax incentives for builders to build. Some could include other low-cost financing arrangements," Fraser told CBC.
Sean Fraser is also considering eliminating the Goods and Services Tax (GST) for affordable housing projects and allocating federal land for rental housing, as reported by the CBC.
Fraser said the main goals are to use funds previously allocated to existing programs more quickly and efficiently, to ensure Canada can use its construction workforce, and to support relatively underdeveloped industries such as factory-built homes.
Canada has recently been facing a particularly acute housing affordability crisis. Its causes are sought in the growing number of migrants and foreign students. There was even an idea to limit the number of foreign students, but so far the Minister of Immigration Mark Miller does not consider it a necessary measure. Nevertheless, population growth is increasing demand for housing in the country, the price of that very housing is rising, and rising prices in turn are slowing construction. The slowdown in the economy in the second quarter of 2023 was largely due to lower investment in housing, meaning the housing crisis is having a direct impact on the Canadian economy.
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