Canada’s Housing Crisis Targets Long-Term, Nationwide Solution

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The search for a solution to the nation’s housing crisis, which is steadily eroding the popularity of Canada’s government, is expected to take several years, even if construction reaches an unparalleled peak not seen in 80 years, according to Finance Minister Chrystia Freeland. The severity of the dilemma was recently recognised by a senior figure from Prime Minister Justin Trudeau’s Liberal administration, for the first time.

The Liberal administration is currently grappling with dwindling poll numbers as they lag behind their Conservative rivals. The opposition has attributed the escalating inflation rates and skyrocketing home prices to the government in Ottawa.

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The obligation of housing primarily falls on the shoulders of the ten provinces and numerous major municipalities, with Ottawa primarily providing policy guidance and financial incentives. As Freeland suggests, the solution to this predicament requires collective effort. It calls upon the federal government, provinces, cities, towns, private sector, and non-profit organisations to band together in a united cause for a duration extending beyond mere weeks or months—it needs years of consistent, collaborative work.

“Building the homes a growing Canada needs will require another great national effort,” Freeland announced at a Montreal conference. She proposed that the challenge requires the nation to construct homes at a pace and magnitude not witnessed since the forties and fifties.

In an attempt to augment the housing supply, the government has decided to waive the 5% federal GST on new rental apartment building constructions. It is also urging cities to exert more effort in addressing this pressing issue.