Fraser outlines robust plan to boost construction
Amid speculation about potential interest rate cuts in Canada, federal housing minister Sean Fraser emphasized the unwavering goal of increasing the nation's housing supply as swiftly as possible.
Speaking alongside finance minister Chrystia Freeland at a Tuesday press conference, Fraser stated that the government's strategy would not change based on interest rate fluctuations.
“Regardless of whether interest rates remain where they are, or come down a whole point or half a point or whatever may happen, the course of action remains the same because we know we need to build millions of homes,” Fraser said
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He explained that the current interest rate environment does not alter the fundamental mission of expanding housing availability. More importantly, he pointed to the necessity of streamlining the building process and highlighted measures aimed at facilitating construction efforts, including eliminating the GST on certain building aspects, revitalizing the Canada Mortgage Bond program, and providing low-cost financing through the Apartment Construction Loan program.
"We need to do everything we can as quick as we can to build as many homes as we can, and that’s going to be true today and six months from now regardless of what we have in the interest rate environment that we’re dealing with," Fraser said.
Echoing Fraser's sentiments, Freeland remarked on the critical nature of supply in addressing the housing crisis, affirming that a key goal is to increase the speed of construction to tackle one of the most pressing challenges facing Canadians today.
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