👀 Copy Legendary Investors' Portfolios in One ClickCopy For Free

Canada gov't, pressured over housing shortage, tells cities to do more

Published 2023-09-14, 09:12 a/m
© Reuters. FILE PHOTO: A house under construction in a neighbourhood of Ottawa, Ontario, Canada April 17, 2023.  REUTERS/Lars Hagberg//File Photo
CAD/USD
-

By David Ljunggren

OTTAWA (Reuters) - The Canadian government of Prime Minister Justin Trudeau, under pressure over a lack of affordable housing, on Wednesday told cities to do more and said those who cooperated would receive federal cash.

Housing Minister Sean Fraser said cities needed to address excessive red tape and zoning challenges that he said were part of the issue. Authorities that cooperate will be able to tap a C$4 billion ($3 billion) housing fund unveiled this year.

"If you want the federal government to show up with financial investments that will directly support your ability to build more homes, give us a reason," he told reporters on the sidelines of a meeting of Liberal legislators in London, Ontario.

"We have new expectations - we want you to build houses near transit, we want you to build houses near campuses. We want you to build houses so families can access the services that they need ... It's not too much to ask."

His comments were the first since the official opposition Conservatives wrapped up a convention last week where members accused the ruling Liberals of botching the housing file. Polls indicate the Conservatives would win the next election and end nine years of Liberal rule if a vote were held now.

"We're facing a shortage of housing right now and that's why prices of homes have become far too high. It's not fair to young people," Trudeau told reporters.

His challenge is that housing is mainly the responsibility of the 10 provinces as well as major municipalities. Ottawa can give policy guidance and offer money to boost construction but cannot by itself build houses.

© Reuters. FILE PHOTO: A house under construction in a neighbourhood of Ottawa, Ontario, Canada April 17, 2023.  REUTERS/Lars Hagberg//File Photo

Conservative leader Pierre Poilievre says he will boost supply by slashing federal funding to cities who do not agree to increase the density of housing.

($1 = 1.3546 Canadian dollars)

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.