Prime Minister Trudeau’s government unveiled a multifaceted housing plan ahead of the April 16 budget, targeting Canada’s housing crisis. Measures include:

• Providing low-cost leases of public land to developers committed to building affordable homes
• Investing $50 million in ideas and technology such as prefabricated housing factories, mass timber production, panelization, 3D printing, and pre-approved home design catalogues
• Allowing homeowners to access up to $40,000 in low-interest loans for secondary suite additions
• Temporarily raising the capital cost allowance tax rate from 4% to 10% to incentivize builders
• Allocating $50 million to a foreign credential recognition program to recognize newcomers’ expertise in residential construction and boosting training and apprenticeship programs to help Canadians join the skilled trades

The government plans to consult on restricting the purchase of existing single-family homes by large corporate investors and on implementing a tool, through the Canada Revenue Agency, to verify borrower income for mortgages, aiming to combat fraud. An additional $1 billion investment over four years is designated for the Reaching Home program, supporting communities in addressing homelessness. These comprehensive measures aim to tackle various facets of the housing crisis and resonate with younger Canadians grappling with high housing costs.