04/16/2024
TRREB Statement on Canada’s Housing Plan
TORONTO, April 12, 2024 – Canada is in the middle of a historic housing affordability crisis
and families need governments at all levels to come forward with policies that will lower costs
for home buyers and get more homes built faster.
Today’s announcement by Prime Minister Trudeau, Minister Freeland and Minister Fraser of
Canada’s Housing Plan is a historic commitment to addressing the housing crisis that is
projected to unlock 3.87 million new homes by 2031.
The Toronto Regional Real Estate Board (TRREB) is a leading voice for governments to step up
and make it easier to build more homes people can afford in the Greater Golden Horseshoe.
Canada’s Housing Plan delivers funding and support that will help provinces and local
governments end exclusionary zoning, freeze development charges, and build housing enabling
infrastructure.
TRREB is pleased to see that Canada’s Housing Plan commits to helping future home buyers
achieve their dreams through extending mortgage amortizations for first-time home buyers and
increasing the home buyers’ plan withdrawal limit to $60,000 for an individual or $120,000 for
couples. These are important changes that will help keep the dream of homeownership within
reach for individuals and families.
We also welcome the Plan’s strong commitment to provide funding to build affordable rental
units that meet everyone’s needs, including students and seniors, as well as leveraging underutilized public lands to increase housing supply across the country.
Finally, Canada’s Housing Plan offers important support to existing homeowners with
renovations and improving home energy efficiency. While improving home energy efficiency is
essential to helping families lower their energy bills, TRREB encourages the federal government
to focus on voluntary, incentive-based programs instead of mandatory measures that will add
red tape and costs to the buying or selling process.
TRREB encourages all levels of government to take a “Team Canada” approach to solving our
housing affordability crisis. Finding an affordable place to call home cannot be a partisan issue
that divides us. We must unite to meet this historic housing challenge.
Jennifer Pearce
TRREB President
-30-
Media Inquiries:
Maria Karafilidis, Manager, Public Affairs [email protected] 416-443-8139
The Toronto Regional Real Estate Board is Canada’s largest real estate board with over 71,000 residential and
commercial professionals connecting people, property and communities.
