US EditionAverage home price must fall in Canada to restore affordability, minister says
The Liberal government aims to lower average home prices through Bill C-4, offering up to $50,000 tax relief for first-time buyers and boosting affordable housing supply.
- Saying average prices must fall, Federal Housing Minister Gregor Robertson told a House of Commons finance committee on Monday.
- Decades of rapid home-price appreciation have locked many would-be buyers out, with Generation Squeeze reporting national years-to-save rose to 17 in 2021 and 27 in the Greater Toronto Area and Metro Vancouver.
- Proposing tax relief for first-time buyers, the Liberal government backs Ottawa's new Build Canada Homes agency, with Bill C-4 offering up to $50,000 in federal tax relief and a GST break up to $1.5 million for nearly 47,000 homes annually.
- Conservative MP Aaron Gunn pressed Federal Housing Minister Gregor Robertson about his May remark, leading Robertson to defend the previous Liberal government’s housing record and his Vancouver mayoral tenure.
- Generation Squeeze quantified the scale of the price fall needed, finding the average home price must drop $341,000 for affordability to be restored, as Robertson said.
22 Articles
22 Articles
Minister Says Home Prices Must Fall to Restore Affordability After Opposition Questions Earlier Remarks
Housing Minister Gregor Robertson says the average price of homes in Canada needs to fall to restore affordability, as he faced questions from the Opposition about his earlier remarks that property values should be maintained. Robertson appeared before the House of Commons finance committee on Oct. 20 to answer questions from MPs about his government’s affordability legislation, Bill C-4. Conservative MP Aaron Gunn noted Robertson previously sai…
Federal Housing Minister Gregor Robertson says that the average price of housing must decline to restore accessibility in Canada, and not necessarily the value of single homes.
Average home price must fall in Canada to restore affordability, minister says
OTTAWA — Federal Housing Minister Gregor Robertson says the average price of housing — not necessarily individual home values — must fall to restore affordability in Canada. Robertson was before the House of Commons finance committee on Monday answering MPs’ questions about the Liberal government’s affordability legislation. He acknowledged in his opening remarks that Canada […]
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