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Housing affordability is a key issue for the Liberals ahead of an expected election campaign in October. Some 64 per cent of millennials told Abacus Data last fall that it was the issue the federal government should prioritize.
To address supply issues, the government announced it will be extending a program that provides favourable financing to developers building rental properties for lower and middle income Canadians. The funding boost will open up about $10 billion in loans over the next nine years. The finance department expects the increase to spur about 42,500 new units, particularly in areas with low vacancy rates.
The government is also launching a ¡°housing supply challenge¡± which will encourage municipalities and other organizations to ¡°propose new ways to break down barriers that limit the creation of new housing.¡± About $300 million is earmarked for those initiatives.
The budget also revealed plans to crack down on tax compliance issues related to real estate speculation, which the government says reduces affordability for everyone in the market.
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