Housing Minister Sean Fraser announced the cabinet will be implementing measures to reduce the demand for housing. According to a letter sent to MPs, Minister Fraser emphasized that merely increasing housing supply won't be sufficient to restore affordability by 2030.
The move follows Prime Minister Justin Trudeau's statement on September 13, where he expressed concern about the soaring housing prices in Canada. The government is considering a combination of ambitious actions to expand housing supply (up to 3.5 million homes) and carefully calibrated measures to moderate housing demand.
Despite the efforts, home prices remain high, with Vancouver topping the list at an average of $1.2 million, followed closely by Toronto. The significant gap between home prices and local earnings has raised concerns, especially for younger generations.
