OTTAWA — The federal minister of Finance maintains that the liberal government is looking for ways to make buying a home more affordable for Canadians of the “millennial generation”.
At the end of a speech Tuesday in suburban Toronto, Bill Morneau was asked about what Ottawa was planning to do to help first-time buyers to access the property, against a background of rising interest rates.
The housing should be an issue of campaign for the federal elections of October. On Monday, the leader of the New democratic Party, Jagmeet Singh, has proposed initiatives that would contribute to the construction of 500,000 new affordable housing units in Canada over the next ten years.
Mr. Morneau said on Tuesday that since his arrival in power in 2015, the liberal government had focused on three major issues related to housing: the shortage of affordable housing in Canada, the soaring prices of real estate in certain markets and the guarantee that the millénariaux can buy their home.
The minister argued that Ottawa had already adopted measures to increase the supply of affordable housing and to ease the “market hot, by introducing stress tests to limit the possibility of taking out mortgage too high for her means.
Mr. Morneau stated that the government is currently reviewing different scenarios to help Canadians of the “generation Y” buying their first property – without, however, specifying the measures that would be envisaged by the liberals.