How Mark Carney plans to tackle Canada's housing crisis

On March 14, former central banker Mark Carney was sworn in as Canada’s new Prime Minister, stepping into the role with a promise to protect Canadian workers, grow the economy, and address the country’s housing affordability crisis.

One of Carney’s first big moves will be eliminating the GST on homes under $1 million for first-time homebuyers. He estimates this tax cut could save Canadians up to $50,000, which could help more young people and families enter the housing market.

Carney's broader housing plan includes:

• Doubling housing construction over 10 years

• Cutting fees and red tape to lower building costs

• Easing zoning restrictions to allow more development

• Growing the construction workforce

• Boosting energy efficiency to reduce costs for homeowners

As for rental housing specifically, Carney promises more support for small and non-profit builders by expanding access to funding and low-interest loans and building on the Rapid Housing and Rental Protection Fund programs. These initiatives aim to double non-profit and co-op housing to create more permanently affordable rental options.

Carney’s Cabinet has 24 ministers, with Nate Erskine-Smith staying on as Minister of Housing, Infrastructure and Communities.

Carney’s housing promises are ambitious, but time will tell if he can follow through.

More government headlines

Liberals promise to build nearly 500,000 homes per year, create new housing entity – CTV News

Canada-US trade war will raise the cost of building a home, housing minister says – CBC

Ontario’s housing future under Ford’s third term – PayProp blog