Canada’s housing minister, Ahmed Hussen, is trying to stop the country’s skyrocketing housing prices. The primary plan is to double the pace of housing construction within 10 years.
Hussen stated that the housing supply issue is critical to Canada’s future success. Thus, in order to keep attracting skilled immigrants, housing issues should be sorted. Moreover, this will help to sustain the expansion of the country’s economy.
The housing plan over the next decade is a daunting target for Canada’s housing minister. This is because skilled labour in the building industry is scarce, said Canadian Visa Professionals.
High Housing Prices in Canada
From reports, Canadian housing prices have been on the high side since before the pandemic, but in the past two years, the prices have risen by over 50%. As a result, the housing price surge is one of the top political issues in Canada.
Currently, there’s great debate about what is driving the price surge. Some factors for this issue are limited housing supply and low-interest rates. A high level of immigration to Canada and investor activity are other cited factors, said Canadian Visa Professionals. These reasons are responsible for affordability, a significant problem for Prime Minister Justin Trudeau’s Liberal government.
Due to this issue, boosting supply was the centerpiece of the housing plan in the Trudeau government’s spring budget.
Significant Steps to Overcome Labour Shortages in Canada's Construction Sector
In recent years, Canada has averaged around 200,000 new housing units annually. The government has pledged to double the current rate of new construction over 10 years. Investments are to be made in skills training and Canadian immigration to accomplish this plan.