Mr. Speaker, we agree that Canadians deserve safe and affordable housing that meets their needs. That is why the Government of Canada has put together an ambitious housing plan that will take bold action to unlock private investment, cut red tape and lower the cost of homebuilding across the country.

We are committed to doubling the current rate of construction to 500,000 homes per year. We know rising construction costs, labour shortages and the increasing cost of materials are barriers to building. That is why we are changing how we build and are creating “build Canada homes”. This new, lean, mission-driven federal entity will accelerate the development of new affordable housing. It will invest in the growth of the prefabricated and modular housing industry and will provide significant financing to affordable home builders. “Build Canada homes” will catalyze a new housing industry using Canadian innovation, Canadian workers and Canadian lumber to build homes by Canadians for Canadians.

We are also supporting first-time homebuyers with targeted financial measures by eliminating the goods and services tax, GST, on homes valued at or under $1 million, and by reducing the GST for homes up to $1.5 million. We are lowering upfront costs and therefore making it more affordable for young Canadians to enter the housing market. Combined with tools like the tax-free first home savings account, we are making it easier to save for a down payment and achieve the dream of home ownership.

In addition to these measures, we are making historic investments in new housing all across Canada. We are investing in purpose-built rental supply through the apartment construction loan program, and we are launching the Canada rental protection fund to help community housing providers acquire housing, preserve existing rental stock and keep rent stable over the long term.

In addition, we are strengthening investments in community housing through the affordable housing fund, which is helping to build and repair thousands of deeply affordable homes across the country. We have also launched the co-operative housing development program, which is the largest investment to build new co-op housing in the last 30 years.

This is how we deliver for Canadians. This is how we build resilience. This is how we build Canada strong.

Jennifer McKelvie