Housing Minister Sean Fraser has stated that the federal government will introduce additional housing measures in the fall budget update and in the coming months. Speaking at a news conference on October 23, he also discussed how the federal government can tackle the impact of short-term rentals on housing affordability. Mr. Fraser emphasized that there will not be a magic date for the release of policies, but rather, measures will be introduced when they are ready.
Among the expected measures are the linking of federal infrastructure spending to housing outcomes in local communities. Mr. Fraser also mentioned that there will be more policies aimed at increasing the stock of social housing and enhancing workers’ skills and innovation in the construction industry. He highlighted that addressing the financialization of housing will be another focus.
Finance Minister Chrystia Freeland recently praised the actions of the B.C. government in regulating short-term rentals and noted that the federal government is exploring ways to increase the availability of these units as long-term rentals. Mr. Fraser mentioned the possibility of using taxation and attaching conditions to federal funding as tools to discourage short-term rentals. However, he clarified that no decisions have been made yet.
The date for this year’s fall economic statement, to be delivered by Ms. Freeland, has not been announced, but it is anticipated to be in the coming weeks. The federal government is facing pressure to address the housing crisis and has already implemented policies to encourage housing construction, such as removing the GST on purpose-built rentals and providing more financing options for home construction. Additionally, the government has been collaborating with municipalities through the housing accelerator fund to foster the development of their housing stock.