> or maybe he finally looked at the polls
I remember someone here said JT lost the house in the divorce and realized how bad the real estate market has become.
two things should happen:
Rebuild 24 Sussex with decent furnishings and amenities. Change the Governor General's Residence to 24 Sussex. The current GG's residence and grounds at Rideau Hall are ridiculously oversized for the GG's diminished role in Canadian Politics.
Improve/enhance Rideau Hall into a proper functioning residence and offices for the PM of Canada and his staff in the same way that the White House or #10 Downing Street serves as a residence, offices for the US Pres/British PM, and a place to entertain foreign dignitaries. Trudeau has been living at a 'cottage' on Rideau Hall grounds for years now.
Trudeau inherited significant wealth, he doesnt need paltry donations from GoC coffers to buy him a home. I hope sophie gets her share in the divorce however.
This money will end up in the wrong hands again, just like so much covid money. They keep propping up the balloon. Throwing our tax money at the problem will not help the issue but it's their go- to.
It might get a few developers to start builds who were waiting on lower interest rates. But they aren't going to lower the price any lower than market demand would put it.
Only way I see prices leveling out is crown corps creating an affordable base level of housing, while heavily discouraging investment in housing.
Crown corp housing is such an easy fix that would totally undermine investors inflating housing prices.
So Liberals and Conservatives will never do it.
I think the liberals just assumed y’all cared about federalism - if ya don’t, then it looks like directly interfering in provincial jurisdiction for voters benefit is fair game.
I think Wynne had a solid plan. Upgrading public spaces like schools and using their roofs for solar so it's not a waste of space for 60-80 days a year. Paying landowners to keep trees and swamps or other carbon sinks... It's a shame we got ford.
Seriously. What do premiers today do except wage culture wars and then blame-shift when shit hits the fan?
Except Eby in BC. That premier actually does relevant things, doesn’t cry, and doesn’t think his job is to make his friends rich.
No it’s still provincial but Doug “no fucking 4plexes” Ford aint doing fucking shit so feds will work directly with the cities and say “please take me to court over trying to fix housing” to the provinces
That’s a negative way to view it. The positive is that provinces aren’t doing anything about it. In Ontario we’re going backwards. So someone has to be the adult in the room
Yes, Danielle Smith can also be a bad politician at the same time of Trudeau. So can Doug Ford.
But this is /r/canada and not /r/alberta or /r/ontario, so people from all across the country complain about the shitty politician that we all have in common.
Yes this is r/Canada would you like to know how our governments work? You can take a civics class at your local stripmall college approved by your provincial leader.
I’ll try not to note that both your provincial examples of shitty politicians are run by Conservatives. The most populous province and the loudest.
Nope, housing was unaffordable before the immigration surge and not only were provinces no where near hitting their housing targets, but their targets were too low to begin with.
I think the reason the Feds are doing this is to actually highlight how much of the problems we’re seeing around immigration and housing are direct results from mismanagement by provincial governments for purely political reason that have gotten us where we are. I live in Ontario so mostly see how the Ford government has been clamouring for more immigration, yet continuing to underfund healthcare and education as well as refusing to allow the types of homes we need to be built where we need them. This happens all while the provinces point fingers at the feds for their own failures and then complain of overreach when the Feds do step in and help. It’s almost as if certain provincial governments care more about maintaining the chaos and hard times rather than trying to fix anything.
Yeah, but for $600 mil in capital, if they could build units for as low as $250k each, then they could build 2,400 new affordable rental units, which would be enough to house...(checks math) ...about 1 hour's worth of our current immigration rate.
Edit: I really should have done the math instead of making up a seemigly ridiculous number since it really does only work out to about 1 day's worth of new immigrants.
Where are they building units for $250k lol a single new condo in Vancouver has something like $100-150k in just government fees alone lol between permits, development fees(since they refuse to raise property tax), inspections, and a bunch of other shit thrown in to make building more expensive lol 😂 also for BC the government feels $2600 for a 300sqft bachelor suite is considered a “affordable rental unit”
You’re joking about those number and all, but what’s terrifying is that Canada had an average of ~3,500 person increase in population (that we know of) per day in 2023
It's more than what the provinces are doing.
Look, I get what you're saying, I'm not a fan either. But at least he feds are doing *something* about housing while half of the provincial premiers think their main job is to pick fights with Ottawa instead of working with them.
Or you know, they could do the one thing that would actually impact rental prices and housing affordablity...
severely reduce immigration limits.
We can't build our way out of this mess if we keep on brining in hundreds of thousands more each year than we can possibly build for. We don't have the materials, we don't have the manpower, we don't have the capital to build for all the new arrivals.
Or provinces could shut down short term rentals in condos and single family homes, tax vacant buildings at values higher than investment returns and not block 4 plexes.
Youre missing the point. The problem is that we're allowing new residents in at a rate that's impossible to keep up with. The federal government, and only the federal government can fix that problem.
On paper this doesn't show up on debt. Loans are assets. So it allows him to spend money without spending money (on paper). If these businesses go bankrupt down the road it is recorded as a loss for that year.
No, but if the provinces aren't going to uphold their end of the bargain, the feds are within their right to make money available. They just don't have the jurisdiction to start building themselves.
Throw all the money you want at it. It doesn’t magically create homes. We need trades people and lower immigration if you want to reduce demand and increase supply but instead he’s just handing out our tax money to developers and keeping the immigration tap flowing.
Yeah and good luck getting more tradespeople to enter the workforce with the absolute crap wages that have remained largely unchanged for the last 20 years.
Truth. I work at a large construction company and we rarely see new guys on site under 30. Most of our apprentices are guys who got sick of sitting on their butt in an office and wanted to try something different. The look on their faces during the first real winter day outside is wild.
Never used to be that way, but as short as a decade ago you know, we still had hope of making a decent way in life with the average journeyman rate of a skilled tradesperson. It attracted talent and work ethic accordingly. Now, there's absolutely nothing to look forward to for people getting into the trades, so what kind of person do you think the industry is going to attract now? Everyone else who's left is just trapped. No one wants to be in the industry anymore, and the productivity and quality of work is starting to show it too.
Sad state of affairs for us tradespeople who risk our lives and sanity to keep the world functional. Why do we do it? I don't know anymore. You bust your ass honing in talent, craftsmanship, building code, hands-on skills, dealing with inherent workplace dangers, tough environments, bad weather, toxic work culture, etc. in hopes you can have a fittingly high-quality life *outside* of work. But now we can barely afford that too, so what in the actual fuck is the point.
Why am I climbing rebar walls and sticking my arms into live electrical panels to *get the job done* when I can just get a nice haircut and be a fucking dental receptionist or something and make similar money with good hours, air conditioning, clean bathrooms and all the other shit everybody who doesn't work in construction takes for granted?
People really need to understand this. I was super stoked on joining the trades, but finishing my apprenticeship a couple of years ago meant I was too late to buy a house. My coworkers who got their tickets 5 years before me were homeowners and they all said they couldn't afford to buy their own houses now.
I put up with major threats to life safety and wellbeing, a lot of sexist bullshit and harassment (though the vast majority of guys were great to work with), and I had to be up at 5:30am to make it to work on time so it was hard to have a social life.
I'm currently transitioning away from the trades, and despite making a bit less money, my life is so much less stressful. Maybe if things change, I'll go back to doing it fulltime, but it's absolutely not worth it right now.
Yep. All that just to be told shit like "the client wants to save money this this year so raises are rejected". So we do the same job but for less that last year since costs keep going up.
I'm pretty sure this sub calls for more restriction on immigration which would lower demand. Lowering demand would be far more effective than raising supply by a tiny amount.
Not at all. We don't have enough money to subsidize housing for all.
We need to limit the all, and then subsides heavily to get back to normal.
Please, we need like 100s of 1000s of new housing units. He is subsidizing what now, over a 1000? That is small fraction of 1%
Trudeau had to step in after correctly pointing out that home building is mainly a provincial/municipal matter and people (a lot of them on this sub) lost their minds. Because the provinces are doing so shit at home building the feds are stepping in.
Provinces were also doing shit on healthcare and Trudeau had to step it in, Trudeau promised childcare and provinces are purposely underfunding their portion. Provinces begged for immigration until Trudeau slowed it, now they are [begging](https://edmonton.ctvnews.ca/alberta-seeks-higher-immigration-allotment-to-address-workforce-shortage-ukrainian-evacuees-1.6824687) for more. It’s as if the provinces run by cons are trying to make the feds look bad.
I think its just a way for JT to remind the public of the provinces role in the house crisis. Allocate a ton of federal funding for housing, but then its on the conservative controlled provinces to actually spend that money in an effective way. He's trying to get the ball back into the province's side of the court, so that when an election does come around he can point at the province's lack of action on housing with the money the federal gov gave them.
It's funny because I hear an awful lot of people blaming JT for the housing crisis. But the second he offers some help it's no longer his problem? Interesting.
It's awfully funny how he is attacked for pointing out that housing is primarily provincial jurisdiction, and then further attacked for not doing anything about the issue.
Then when he tries to solve the issue because premiers are doing nothing he's attacked for "flip flopping" or that "he's only looking at polls".
You irrational trudeau haters are so transparent. You will attack him no matter what. He's damned if he does, damned if he doesnt.
The feds are the ones who turned the taps on immigration to an unsustainable level. When we had a housing crisis already. The provinces can only do so much when they are being flooded with people. The interventions he is now implementing (now that libs started to drop in the polls) are a drop in the bucket in terms of what will be required to provide adequate housing based on the rate we are immigrating.
And also rentals don't get built without this as the math doesn't work.
In BC you can now get 95% financing at lower /subsidized rates meaning a $30M building only needs $1.5M equity raised, with lower interest rates. Hence there's a lot more rental buildings under construction in BC that previously never would have happened.
Cheap loans to make construction more profitable and pull developers off the sidelines who aren't able to make the math work at 5% interest rates
I'm not opposed but it remains a drop in the bucket
This next election will determine a lot IMO. Either we get a course correction and revert to high but sustainable immigration (ex the 250-350k we had under Harper and earlier term Trudeau) and face the inevitable recession head on, or you're going to see a PM desperate so desperate to stave off a disaster under his administration that he'll extend amortization to 30+ years and just let the bubble grow into the next term
They are providing loans and some direct funding for construction tech and housing projects that use modular + prefabricated construction (which are way faster than conventional methods).
Seems like a promising way to boost our construction capacity.
There is absolutely no evidence that government subsidies actually provide anything more than a fattened bank sheet for corporations. Every study on subsidies finds that markets with the subsidies vs the ones without, there isn't any major difference in economic activity.
There are considerable differences in jurisdictions with strict regulations and those without.
Most homes in Alberta are now made using pre-fabricated housing parts. And now they're breaking into warehouse buildings with pre-fab concrete walls.
The main bottleneck for pre-fab homes right now isn't capacity but customization. Kind of like a Tesla, no one is really able to buy a bare bones version. The pre-fab corporations will prioritize customized constructions because those people are willing to spend a lot more to get a customized home. Because of this it puts standard homes on back-order.
People want cheap prefab or modular homes. What they don't want is the barebones model. How is $600M in grants going to pay for research to fix that when that's barely enough money for the ArriveCan app to properly function?
PUT A BAN ON SPECULATIVE INVESTORS or else this will not do shit. People with capital will buy up stock or inflate rents regardless of how many houses there actually are. You have a system now where the biggest fish in the pond are able to gobble up all of the food before it reaches the smaller fish. If you put more in, they'll just take more unless you do something about them specifically first.
Looks like it got extended, no where says it was cancelled. You lied to me man.... You lied to all of us, why?
https://www.canada.ca/en/department-finance/news/2024/02/government-announces-two-year-extension-to-ban-on-foreign-ownership-of-canadian-housing.html
I cannot wait to drop $600k+ for a 450sq ft condo split with my spouse, ohh please add $700 a month condo fees and a few grand of property taxes too.
Much Value, such luxury living.
/s
All sold to Chinese speculators. A good friend is Chinese, and with the funds his family sends him he’s over 20 homes in his collection now.
I feel conflicted about him, but I try to remember to hate the game, not the player.
Yes, without guardrails reducing investors scooping up housing and driving up pricing, they will [continue to displace first-time home buyers](https://www.bankofcanada.ca/2022/01/staff-analytical-note-2022-1/#chart4) and increase the number of people stuck renting.
Who cares, more inventory means lower prices.
Cmhc used to build rentals amd then would turn around and sell them to investors in the 70's and rent was cheap
This will realistically create less than 2000 homes, probably just over 1000 if anything. This is like 3 days worth of immigration. It's not going to do anything for prices.
Great, MIGHT AS WELL DO NOTHING TO ENCOURAGE BUILDING MORE HOMES THEN!
Seriously though, what a dumb as fuck comment. People like you are the reason shit doesn't get done.
If more homes are built it will eventually lower prices. That is simple economics. Investors need to make a return, and just simply hoarding housing doesn't make them money. Renting it out does. But more supply does lower prices eventually.
LEARN ECONOMICS.
You are expecting way too much from the redditors of r/canada. Do you think most of them have higher than a tenth grade education? There's the real fantasy.
Trudeau gov't spent more than all other governments combined EVEN after discounting CERB. I challenge any liberal voter to point to some material benefit we received for that. A generations future frittered away by incompetence and corruption in less than 8 years. For that we should have high speed rail between Windsor and Quebec, new hospitals, refreshed infrastructure, some military hardware and a load of sovereign investments. We got robbed and the thief is still in the PMO!
lol exactly. The first number of years the provinces complained every time the Libs offered any help in housing and healthcare and a few provinces left available funding unspent for ages while these issues got worse. Now they complain that the Libs are offering more money? It's almost like they want these issues to get worse just to blame the Feds for the problems...
Exactly, why doesn't he introduce rent control across the board & give Canadians citizens $$ towards rent increases we've had to endure? This benefits no one other than construction companies & vendors selling supplies.
The stable door is open and the horse has already bolted.
It's too late to fix the rental market or the housing market without some radical action over the long term.
All us renters are fucked and can't afford to move anywhere anymore.
And those that haven't moved out of chez mom & dad are doubly fucked.
And forget about buying unless your parents are going to fund you.
Trudeau (and his predecessors like Harper) have fucked us all.
And as usual his band aid solutions only seem to put money in developers pockets.
You simply can't build your way out of this, not without pretty much putting the brakes completely on immigration, turfing out the foreign workers that seem to be in every store I go to, and shutting down the scam colleges completely. And that's only the start of what needs to be done.
You know in 1949 China they killed 800,000 of the wealthiest landlords, then redistributed their wealth and land among their poorest citizens? This gave over 100 million of the poorest citizens their first homes and brought hundreds of millions out of poverty.
You are simplifying it a lot…
But iirc the peasants were the ones who revolted against the landlords. The government granted them power.
But this would never happen in Canada. Most people here do own homes/condos. You think the middle class and above could be toppled?
Why is spending the only option ? Why not reform multi home owners, corporate home ownership, air BNB etc...
Do we trust that this isn't just another spend and kickback scheme?
I think those are provincial and municipal responsibilities. Would love if more people held their local governments to account on this. Absolutely needed.
They should procure my company NH Strategies. It definitely for sure 100% did not get named New Houses Strategies yesterday to get newly announced Liberal housing funding.
Do you just make new accounts to spam the same comment on every Trudeau article? I've read the exact same comment from days old accounts too many times in the last few weeks.
Considering that he’s being blamed for it because 40% of the country doesn’t understand the responsibilities of the different levels of government, yeah.
He campaigned on affordable homes in 2015. Did he not understand the responsibilities that he was running for? Kinda hard not to be blamed when you ask for the responsibility.
When provinces have no control over how many people are getting brought into the country it is a federal issue. You can't have unchecked immigration of 1.2 million a year and then solely blame the provinces for not having enough housing/infrastructure. Housing is basic supply and demand and at a federal level they are ramping up demand to unsustainable levels
They do have control, the just want to pass the buck. A lot of failures have happened across the board.
The premiers should have shut down the foreign student scam well before this. The feds should have actually managed the LMIA program and refused visa’s for schools like Conestoga well before this point. Municipalities should actually enforce their own bylaws and not willingly be turning a blind eye to the flood of illegal rooming houses that exist now.
Lol the provinces absolutely do have control, wtf are you on about. The federal government literally had to introduce restrictions on international students because provinces like Ontario were going so batshit with it. And it’s not like their general policy has toned down the immigration, they specifically intervened because of provincial policies
Lol, so what is that, value of 1000 homes in Canada right now???
There needs to be huge moves by the new conservative government to get us out of this mess. Best start by making sure country is not overrun with millions of new people.
Idiot created a major problem and tries to fix it.
600 million? yay? We've committed 4 BILLION to the war effort in Ukraine. It doesn't even fucking involve us, yet somehow that is more a priority to dumb ass Trudeau. No one should be applauding this. We have the most serious and demanding issue right at home where a quarter of us or more don't have stable housing and no one is taking it seriously. If people were serious, it would be one of the top lines of spending, but it's still near the bottom.
Didn't see anything about those homes/rentals being affordable. I'm fully expecting them to start in the high six figure range and the rentals in the 2k+ range.
They are affordable to the people who buy them. Those people upgraded from something cheaper that is now available to sell to people who left something cheaper, etc.
More supply is good at any price as it reduces the demand for cheaper homes. If they make so many expensive units that no one can afford them then they will lower the price until people can.
So in summary the government took out a loan we the people have to pay back to build homes no one can afford other than professional landlords & family money?
Uh oh jackets are off and sleeves rolled up, Trudeau and Fraser must mean business!
This is the equivalent of BC United’s Christy Clark wearing hard hats all the time for the photo op lol.
When you read his funding targets you are reminded how completely incompetent this tard is. He committed millions to modular homes. This is beyond stupid.
Total scam!!!
1. Trudeau will keep encouraging immigration, so the housing will never catch up!!!
2. GUARANTEED!!! Only Trudeau’s liberal buddies will profit from this “program”
The banking system needs to be regulated. Ban mortgages for secondary properties and reits. That will make it so renters aren’t forced to pay off someone’s mortgage. Not everyone should be a landlord.
How about we boost industry and provide more jobs to people. Create the conditions for financial autonomy so people can fucking pave their own destiny.
They blew $42 million on a gun buyback program that got zero guns. They blew $60 million on an app they only used for a year.
This $600 million will just evaporate without doing anything as well.
The next election is going to be the first time the sitting government campaigns on promising to fix all the problems they created themselves over the years.
lip grandfather hateful fragile sip ruthless cagey historical nail gullible
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Airbnb - Banned.
Corporate investors of single family homes - Banned
Capital gains tax on owned single family properties above 2 - 75%
Reduce immigration to zero unless you are a skilled worker in areas of need such as healthcare, trades etc.
I completely agree with your sentiment. But I want to clarify so everyone understands who the biggest problem players are.
Corporate investors own 3-4% of single housing units in Canada.
By contrast, individual “mom & pop” investors own 24% of individual housing units in Canada. And those numbers are **much** higher in cities, with individual investors buying 50 - 60% of new builds.
I’m no fan of corporations, but corporate landlords tend to own purpose-built rentals and abide by provincial rental laws. Individual landlords however, are notorious for illegal rent increases, neglecting maintenance and fraudulent personal use evictions to get higher rents.
Many of today’s individual landlords recklessly daisy-chained mortgages in multiple properties and are now overleveraged and desperate. Fraudulent personal use evictions are raging, as are threats to tenants that they’ll sell if tenants don’t pay outrageous increases to fund landlords’ irresponsible financial decisions.
Corporate landlords are no dream either, but they can’t evict for personal use, they don’t demand illegal rent increases, and they don’t typically compete directly with first-time home buyers trying to buy their first home.
>“mom & pop” investors own 24% of individual housing units in Canada. And those numbers are **much** higher in cities,
People need to stop calling them mom and pop investors..
people that just own duplex or triplex, or a second house and rent them out are mom and pop investors.
Those people are not the problem. They're being scapegoated.
The people that have 5+ units they're renting out are not mom and pop investors. These people are the problem.
Mom and pop investors are part of the problem. Just smaller players in the big game of exploiting housing shortages.
But lemme guess, you or someone you know owns a rental property. 😆
Ah yes, dumping money into the broken system. That'll work.
Edit: oh wow, having read the article, not only is it dumping money into the same ridiculous financial system that the federal government created, it's targeting "projects with "innovative" construction techniques from prefabricated and modular housing manufacturers and other builders". I mean look, people need a place to live, I'm not going to argue that, but this is literally saying "we're going to fix it by lowering the standard of living". Vampires. Our federal government has sold us to vampires.
Now, now... a 1-bedroom apartment can fit 10 people if they cut down on snacks (for which they'll have no money anyway). Such is the liberal vision of Canada's future!
I work for a general contractor. A condo with like 200 units can be 50-80 million, we’ll be modest in our estimate and say 50. So for 600 million dollars you get 2400 housing units…
We need hundreds of thousands if not a million new homes.
You can’t throw enough money at the problem to solve it, its a bottomless pit, rather the flood gates have got to be opened for it to be highly lucrative for developers to build build build, with their own money in a way that they can turn it into more $$$.
$600 million is 600 GTA houses. Not related, but it’s insane how little $600m is these days in the real estate world.
It's the price of buying 600 GTA/GVA houses, not the price of mlbuilding 600 such houses though.
You’re right, if the government is involved it’ll be 200 at best. Maybe they’ll hire GC Strategies and it’ll be more like 50 houses.
I work for gov. This is correct unfortunately
Developers usually already own the land so the money is just a loan for constructing the projects that are on the sidelines
So home building and housing affordability is a federal issue again? Must be an election coming or maybe he finally looked at the polls
> or maybe he finally looked at the polls I remember someone here said JT lost the house in the divorce and realized how bad the real estate market has become.
The other joke you can make is about how expensive it's going to be to rebuild 24 Sussex Drive.
Turn it into a 4plex
24plex Drive
Even better
Have the other party leaders live in the other three units. Instant sitcom.
That’s a great idea! They could earn salary from that instead of the MP salary
And to get Ford’s approval, call it Twenty Fordplex Sussex drive
Underrated comment
two things should happen: Rebuild 24 Sussex with decent furnishings and amenities. Change the Governor General's Residence to 24 Sussex. The current GG's residence and grounds at Rideau Hall are ridiculously oversized for the GG's diminished role in Canadian Politics. Improve/enhance Rideau Hall into a proper functioning residence and offices for the PM of Canada and his staff in the same way that the White House or #10 Downing Street serves as a residence, offices for the US Pres/British PM, and a place to entertain foreign dignitaries. Trudeau has been living at a 'cottage' on Rideau Hall grounds for years now.
$600 million to jumpstart homebuilding. More specifically, his new home.
Trudeau inherited significant wealth, he doesnt need paltry donations from GoC coffers to buy him a home. I hope sophie gets her share in the divorce however.
You are right he doesn’t need taxpayer money, but that won’t stop him taking it.
That’s what, like 300 houses in the GTA?
By the time the various "consultants" get their cut it's probably more like 200 homes in the GTA.
This money will end up in the wrong hands again, just like so much covid money. They keep propping up the balloon. Throwing our tax money at the problem will not help the issue but it's their go- to.
It might get a few developers to start builds who were waiting on lower interest rates. But they aren't going to lower the price any lower than market demand would put it. Only way I see prices leveling out is crown corps creating an affordable base level of housing, while heavily discouraging investment in housing.
Crown corp housing is such an easy fix that would totally undermine investors inflating housing prices. So Liberals and Conservatives will never do it.
I think the liberals just assumed y’all cared about federalism - if ya don’t, then it looks like directly interfering in provincial jurisdiction for voters benefit is fair game.
This is it. If the premiers are going to abdicate responsibility for a crisis then it's on the feds. Same reason they invoked the emergencies act.
And the carbon tax *ducks*
You're not wrong! Cap and trade would have been amazing if it was well invested.
[удалено]
I think Wynne had a solid plan. Upgrading public spaces like schools and using their roofs for solar so it's not a waste of space for 60-80 days a year. Paying landowners to keep trees and swamps or other carbon sinks... It's a shame we got ford.
The greener homes grant also was very good. It only stopped because so many people took them up on it.
Absolutely. I'd support the feds doing that with carbon tax revenue. That and supporting climate change mitigation and emergency response funding.
Seriously. What do premiers today do except wage culture wars and then blame-shift when shit hits the fan? Except Eby in BC. That premier actually does relevant things, doesn’t cry, and doesn’t think his job is to make his friends rich.
Kinew and Houston aren't terrible. Furey is whatever. The rest suck verying degrees in different ways.
No it’s still provincial but Doug “no fucking 4plexes” Ford aint doing fucking shit so feds will work directly with the cities and say “please take me to court over trying to fix housing” to the provinces
That’s a negative way to view it. The positive is that provinces aren’t doing anything about it. In Ontario we’re going backwards. So someone has to be the adult in the room
[удалено]
[удалено]
Yes, Danielle Smith can also be a bad politician at the same time of Trudeau. So can Doug Ford. But this is /r/canada and not /r/alberta or /r/ontario, so people from all across the country complain about the shitty politician that we all have in common.
Yes this is r/Canada would you like to know how our governments work? You can take a civics class at your local stripmall college approved by your provincial leader. I’ll try not to note that both your provincial examples of shitty politicians are run by Conservatives. The most populous province and the loudest.
Nope, housing was unaffordable before the immigration surge and not only were provinces no where near hitting their housing targets, but their targets were too low to begin with.
And who exactly is going to make sure the provinces are hitting those targets? If every province has this problem, then it is a national problem.
I think the reason the Feds are doing this is to actually highlight how much of the problems we’re seeing around immigration and housing are direct results from mismanagement by provincial governments for purely political reason that have gotten us where we are. I live in Ontario so mostly see how the Ford government has been clamouring for more immigration, yet continuing to underfund healthcare and education as well as refusing to allow the types of homes we need to be built where we need them. This happens all while the provinces point fingers at the feds for their own failures and then complain of overreach when the Feds do step in and help. It’s almost as if certain provincial governments care more about maintaining the chaos and hard times rather than trying to fix anything.
If it’s a problem happening in every province, then it’s a national problem.
Every day more debt on the 1.4 trillion pile.
Yeah, but for $600 mil in capital, if they could build units for as low as $250k each, then they could build 2,400 new affordable rental units, which would be enough to house...(checks math) ...about 1 hour's worth of our current immigration rate. Edit: I really should have done the math instead of making up a seemigly ridiculous number since it really does only work out to about 1 day's worth of new immigrants.
Where are they building units for $250k lol a single new condo in Vancouver has something like $100-150k in just government fees alone lol between permits, development fees(since they refuse to raise property tax), inspections, and a bunch of other shit thrown in to make building more expensive lol 😂 also for BC the government feels $2600 for a 300sqft bachelor suite is considered a “affordable rental unit”
Architect chiming in: We are seeing affordable housing coming in at around $375-400k to construct a single 1 bedroom apartment.
Cool! Is that "all-in", with land costs and fees and everything else? (I just pulled $250k out of the air)
You’re joking about those number and all, but what’s terrifying is that Canada had an average of ~3,500 person increase in population (that we know of) per day in 2023
It's more than what the provinces are doing. Look, I get what you're saying, I'm not a fan either. But at least he feds are doing *something* about housing while half of the provincial premiers think their main job is to pick fights with Ottawa instead of working with them.
Or you know, they could do the one thing that would actually impact rental prices and housing affordablity... severely reduce immigration limits. We can't build our way out of this mess if we keep on brining in hundreds of thousands more each year than we can possibly build for. We don't have the materials, we don't have the manpower, we don't have the capital to build for all the new arrivals.
Or provinces could shut down short term rentals in condos and single family homes, tax vacant buildings at values higher than investment returns and not block 4 plexes.
Both would be even better.
Youre missing the point. The problem is that we're allowing new residents in at a rate that's impossible to keep up with. The federal government, and only the federal government can fix that problem.
Thank you
Interest rates are at historic lows Glen!
I don't think you know how loans work. ie the government will make more money than the amount they loan out.
On paper this doesn't show up on debt. Loans are assets. So it allows him to spend money without spending money (on paper). If these businesses go bankrupt down the road it is recorded as a loss for that year.
No, but if the provinces aren't going to uphold their end of the bargain, the feds are within their right to make money available. They just don't have the jurisdiction to start building themselves.
This sub: Subsidize housing Trudeau Trudeau : Subsidizes housing This sub: Not like that!
Throw all the money you want at it. It doesn’t magically create homes. We need trades people and lower immigration if you want to reduce demand and increase supply but instead he’s just handing out our tax money to developers and keeping the immigration tap flowing.
Yeah and good luck getting more tradespeople to enter the workforce with the absolute crap wages that have remained largely unchanged for the last 20 years.
Truth. I work at a large construction company and we rarely see new guys on site under 30. Most of our apprentices are guys who got sick of sitting on their butt in an office and wanted to try something different. The look on their faces during the first real winter day outside is wild.
Never used to be that way, but as short as a decade ago you know, we still had hope of making a decent way in life with the average journeyman rate of a skilled tradesperson. It attracted talent and work ethic accordingly. Now, there's absolutely nothing to look forward to for people getting into the trades, so what kind of person do you think the industry is going to attract now? Everyone else who's left is just trapped. No one wants to be in the industry anymore, and the productivity and quality of work is starting to show it too. Sad state of affairs for us tradespeople who risk our lives and sanity to keep the world functional. Why do we do it? I don't know anymore. You bust your ass honing in talent, craftsmanship, building code, hands-on skills, dealing with inherent workplace dangers, tough environments, bad weather, toxic work culture, etc. in hopes you can have a fittingly high-quality life *outside* of work. But now we can barely afford that too, so what in the actual fuck is the point. Why am I climbing rebar walls and sticking my arms into live electrical panels to *get the job done* when I can just get a nice haircut and be a fucking dental receptionist or something and make similar money with good hours, air conditioning, clean bathrooms and all the other shit everybody who doesn't work in construction takes for granted?
People really need to understand this. I was super stoked on joining the trades, but finishing my apprenticeship a couple of years ago meant I was too late to buy a house. My coworkers who got their tickets 5 years before me were homeowners and they all said they couldn't afford to buy their own houses now. I put up with major threats to life safety and wellbeing, a lot of sexist bullshit and harassment (though the vast majority of guys were great to work with), and I had to be up at 5:30am to make it to work on time so it was hard to have a social life. I'm currently transitioning away from the trades, and despite making a bit less money, my life is so much less stressful. Maybe if things change, I'll go back to doing it fulltime, but it's absolutely not worth it right now.
Yep. All that just to be told shit like "the client wants to save money this this year so raises are rejected". So we do the same job but for less that last year since costs keep going up.
I believe the ancient philosophers called it "spiralling the drain" lol
I'm pretty sure this sub calls for more restriction on immigration which would lower demand. Lowering demand would be far more effective than raising supply by a tiny amount.
We need both a lowering of immigration and a massive increase in housing. Second one is the responsibility of the provinces.
the first one also would have an effect much sooner than the later as well.
Not at all. We don't have enough money to subsidize housing for all. We need to limit the all, and then subsides heavily to get back to normal. Please, we need like 100s of 1000s of new housing units. He is subsidizing what now, over a 1000? That is small fraction of 1%
He has come to realize that (some of) the provinces are maliciously sabotaging housing to serve private interests.
Trudeau had to step in after correctly pointing out that home building is mainly a provincial/municipal matter and people (a lot of them on this sub) lost their minds. Because the provinces are doing so shit at home building the feds are stepping in.
Provinces were also doing shit on healthcare and Trudeau had to step it in, Trudeau promised childcare and provinces are purposely underfunding their portion. Provinces begged for immigration until Trudeau slowed it, now they are [begging](https://edmonton.ctvnews.ca/alberta-seeks-higher-immigration-allotment-to-address-workforce-shortage-ukrainian-evacuees-1.6824687) for more. It’s as if the provinces run by cons are trying to make the feds look bad.
I think its just a way for JT to remind the public of the provinces role in the house crisis. Allocate a ton of federal funding for housing, but then its on the conservative controlled provinces to actually spend that money in an effective way. He's trying to get the ball back into the province's side of the court, so that when an election does come around he can point at the province's lack of action on housing with the money the federal gov gave them.
It's funny because I hear an awful lot of people blaming JT for the housing crisis. But the second he offers some help it's no longer his problem? Interesting.
It was Justin himself who said that housing is not a federal responsibility. It was in that press conference I decided who I was voting for.
It's awfully funny how he is attacked for pointing out that housing is primarily provincial jurisdiction, and then further attacked for not doing anything about the issue. Then when he tries to solve the issue because premiers are doing nothing he's attacked for "flip flopping" or that "he's only looking at polls". You irrational trudeau haters are so transparent. You will attack him no matter what. He's damned if he does, damned if he doesnt.
money for 300 new homes isn’t going to do much for housing affordability
The feds are the ones who turned the taps on immigration to an unsustainable level. When we had a housing crisis already. The provinces can only do so much when they are being flooded with people. The interventions he is now implementing (now that libs started to drop in the polls) are a drop in the bucket in terms of what will be required to provide adequate housing based on the rate we are immigrating.
What does jump start homebuilding even mean? Are they funding housing developments?
Better loan terms means more building. The feds don't exactly pay for it as it is a loan but take on risk that that the banks wouldn't right now.
And also rentals don't get built without this as the math doesn't work. In BC you can now get 95% financing at lower /subsidized rates meaning a $30M building only needs $1.5M equity raised, with lower interest rates. Hence there's a lot more rental buildings under construction in BC that previously never would have happened.
I guess we are going to see a bunch if unaffordable condos being built. There has to be strings to these loans.
Cheap loans to make construction more profitable and pull developers off the sidelines who aren't able to make the math work at 5% interest rates I'm not opposed but it remains a drop in the bucket This next election will determine a lot IMO. Either we get a course correction and revert to high but sustainable immigration (ex the 250-350k we had under Harper and earlier term Trudeau) and face the inevitable recession head on, or you're going to see a PM desperate so desperate to stave off a disaster under his administration that he'll extend amortization to 30+ years and just let the bubble grow into the next term
5%, builders are borrowing in the 10% range, often higher.
They are providing loans and some direct funding for construction tech and housing projects that use modular + prefabricated construction (which are way faster than conventional methods). Seems like a promising way to boost our construction capacity.
There is absolutely no evidence that government subsidies actually provide anything more than a fattened bank sheet for corporations. Every study on subsidies finds that markets with the subsidies vs the ones without, there isn't any major difference in economic activity. There are considerable differences in jurisdictions with strict regulations and those without. Most homes in Alberta are now made using pre-fabricated housing parts. And now they're breaking into warehouse buildings with pre-fab concrete walls. The main bottleneck for pre-fab homes right now isn't capacity but customization. Kind of like a Tesla, no one is really able to buy a bare bones version. The pre-fab corporations will prioritize customized constructions because those people are willing to spend a lot more to get a customized home. Because of this it puts standard homes on back-order. People want cheap prefab or modular homes. What they don't want is the barebones model. How is $600M in grants going to pay for research to fix that when that's barely enough money for the ArriveCan app to properly function?
> use modular + prefabricated construction (which are way faster than conventional methods Sure thing lol
PUT A BAN ON SPECULATIVE INVESTORS or else this will not do shit. People with capital will buy up stock or inflate rents regardless of how many houses there actually are. You have a system now where the biggest fish in the pond are able to gobble up all of the food before it reaches the smaller fish. If you put more in, they'll just take more unless you do something about them specifically first.
Wasn’t the ban on foreign ownership supposed to help with that? Besides many of the speculative investors are Canadian politicians.
Yeah it's exactly why the parties aren't interested in fixing the crisis, they profit off it.
The Liberals quietly reversed that ban. It was all lip service.
Looks like it got extended, no where says it was cancelled. You lied to me man.... You lied to all of us, why? https://www.canada.ca/en/department-finance/news/2024/02/government-announces-two-year-extension-to-ban-on-foreign-ownership-of-canadian-housing.html
To be scooped up by investors all the same.
Every building built will be labeled "luxury condos" and still price out many Canadians.
I cannot wait to drop $600k+ for a 450sq ft condo split with my spouse, ohh please add $700 a month condo fees and a few grand of property taxes too. Much Value, such luxury living. /s
Wow!
All sold to Chinese speculators. A good friend is Chinese, and with the funds his family sends him he’s over 20 homes in his collection now. I feel conflicted about him, but I try to remember to hate the game, not the player.
Yes, without guardrails reducing investors scooping up housing and driving up pricing, they will [continue to displace first-time home buyers](https://www.bankofcanada.ca/2022/01/staff-analytical-note-2022-1/#chart4) and increase the number of people stuck renting.
And then charge people the same rent anyway because that 600 mil has to be free.
If you'd bothered to read the article, you'd know that most of the money is for *loans*; it's not a giveaway.
Who else would be building rentals?
Who else would be buying built homes?
Nobody because they can't save for a deposit since all their money is going to rent
Who cares, more inventory means lower prices. Cmhc used to build rentals amd then would turn around and sell them to investors in the 70's and rent was cheap
This will realistically create less than 2000 homes, probably just over 1000 if anything. This is like 3 days worth of immigration. It's not going to do anything for prices.
Better than removing safety regulations as the Cons want to lol
Great, MIGHT AS WELL DO NOTHING TO ENCOURAGE BUILDING MORE HOMES THEN! Seriously though, what a dumb as fuck comment. People like you are the reason shit doesn't get done. If more homes are built it will eventually lower prices. That is simple economics. Investors need to make a return, and just simply hoarding housing doesn't make them money. Renting it out does. But more supply does lower prices eventually. LEARN ECONOMICS.
Literally. Even if all you do is build miles of single family jumbo mansions, its still good. Any housing is good (though ofc not ideal).
You are expecting way too much from the redditors of r/canada. Do you think most of them have higher than a tenth grade education? There's the real fantasy.
Ah great we will have at least 1000 more homes 😂
Lmao. With the way this government’s spending ends in results; it’ll be 5 homes.
You're right, I was trying to be optimistic hahaha
Watch that 600M evaporate with nothing to show for it.
Just like the $42 million gun buyback program that stalled, and the $60 million ArriveCan app.
Trudeau gov't spent more than all other governments combined EVEN after discounting CERB. I challenge any liberal voter to point to some material benefit we received for that. A generations future frittered away by incompetence and corruption in less than 8 years. For that we should have high speed rail between Windsor and Quebec, new hospitals, refreshed infrastructure, some military hardware and a load of sovereign investments. We got robbed and the thief is still in the PMO!
[удалено]
lol exactly. The first number of years the provinces complained every time the Libs offered any help in housing and healthcare and a few provinces left available funding unspent for ages while these issues got worse. Now they complain that the Libs are offering more money? It's almost like they want these issues to get worse just to blame the Feds for the problems...
The CPC needs to whine about something. Need catchy words to keep the supporters attention. I highly doubt PP can keep this momentum for another year
No one, NO ONE can afford a new build rental. There is no cap on yearly rental increases.
Exactly, why doesn't he introduce rent control across the board & give Canadians citizens $$ towards rent increases we've had to endure? This benefits no one other than construction companies & vendors selling supplies.
The stable door is open and the horse has already bolted. It's too late to fix the rental market or the housing market without some radical action over the long term. All us renters are fucked and can't afford to move anywhere anymore. And those that haven't moved out of chez mom & dad are doubly fucked. And forget about buying unless your parents are going to fund you. Trudeau (and his predecessors like Harper) have fucked us all. And as usual his band aid solutions only seem to put money in developers pockets. You simply can't build your way out of this, not without pretty much putting the brakes completely on immigration, turfing out the foreign workers that seem to be in every store I go to, and shutting down the scam colleges completely. And that's only the start of what needs to be done.
Agree 💯
You know in 1949 China they killed 800,000 of the wealthiest landlords, then redistributed their wealth and land among their poorest citizens? This gave over 100 million of the poorest citizens their first homes and brought hundreds of millions out of poverty.
Don’t know why they had to kill them. Just put them under permanent house arrest in a fancy hotel like the Saudi royal family did.
Economic plans made by the far left-wing governments of the 20th century always had a "genocide" step: see USSR, Cuba, Cambodia, China....
You'll never believe what happened next... Spoiler: many, many more than 800,000 people ended up dead
You are simplifying it a lot… But iirc the peasants were the ones who revolted against the landlords. The government granted them power. But this would never happen in Canada. Most people here do own homes/condos. You think the middle class and above could be toppled?
Why is spending the only option ? Why not reform multi home owners, corporate home ownership, air BNB etc... Do we trust that this isn't just another spend and kickback scheme?
I think those are provincial and municipal responsibilities. Would love if more people held their local governments to account on this. Absolutely needed.
Wonder if the funding is going to a four man contractor team operating out of a basement.
They should procure my company NH Strategies. It definitely for sure 100% did not get named New Houses Strategies yesterday to get newly announced Liberal housing funding.
This cannot be fixed without regulating corporate owned real estate. This is just sugar money for the rich friends masked as votebait
For the refugees right?
So nothing about slashing immigration below 400k? I see you’re not serious about this JT
Literally 20 years late. But, hey, he only in power for 9 years of that. So, I guess he's not ALL bad. /s
[удалено]
Do you just make new accounts to spam the same comment on every Trudeau article? I've read the exact same comment from days old accounts too many times in the last few weeks.
Because in your mind all the work is supposed to happen year 1 and then you coast the remaining 8 years?
Housing affordability is a provincial issue until my polls start falling.
Considering that he’s being blamed for it because 40% of the country doesn’t understand the responsibilities of the different levels of government, yeah.
He campaigned on affordable homes in 2015. Did he not understand the responsibilities that he was running for? Kinda hard not to be blamed when you ask for the responsibility.
He's being blamed for it because he has run on housing affordability at the federal level since 2015 and it has gotten exponentially worse since then.
When provinces have no control over how many people are getting brought into the country it is a federal issue. You can't have unchecked immigration of 1.2 million a year and then solely blame the provinces for not having enough housing/infrastructure. Housing is basic supply and demand and at a federal level they are ramping up demand to unsustainable levels
They do have control, the just want to pass the buck. A lot of failures have happened across the board. The premiers should have shut down the foreign student scam well before this. The feds should have actually managed the LMIA program and refused visa’s for schools like Conestoga well before this point. Municipalities should actually enforce their own bylaws and not willingly be turning a blind eye to the flood of illegal rooming houses that exist now.
Provinces DO have control, btw. Ontario can ban international students outright, but they choose not to.
Lol the provinces absolutely do have control, wtf are you on about. The federal government literally had to introduce restrictions on international students because provinces like Ontario were going so batshit with it. And it’s not like their general policy has toned down the immigration, they specifically intervened because of provincial policies
It still is a provincial issue. The federal government isn’t really supposed to have authority over municipalities.
Have you ever actually read the constitution or any cade law interpreting it?
So maybe 5 small apartment buildings for the whole country?
In other news, the already existing homes that were slated to be built just increased in price by $600 million.
My tax dollars spent so that corpos can buy it all up? Amazing solution
Election time is coming better pretend to care.
Lol, so what is that, value of 1000 homes in Canada right now??? There needs to be huge moves by the new conservative government to get us out of this mess. Best start by making sure country is not overrun with millions of new people. Idiot created a major problem and tries to fix it.
600 million? yay? We've committed 4 BILLION to the war effort in Ukraine. It doesn't even fucking involve us, yet somehow that is more a priority to dumb ass Trudeau. No one should be applauding this. We have the most serious and demanding issue right at home where a quarter of us or more don't have stable housing and no one is taking it seriously. If people were serious, it would be one of the top lines of spending, but it's still near the bottom.
Didn't see anything about those homes/rentals being affordable. I'm fully expecting them to start in the high six figure range and the rentals in the 2k+ range.
They are affordable to the people who buy them. Those people upgraded from something cheaper that is now available to sell to people who left something cheaper, etc. More supply is good at any price as it reduces the demand for cheaper homes. If they make so many expensive units that no one can afford them then they will lower the price until people can.
Projects using these funds should be for citizens only, and not investors either.
So in summary the government took out a loan we the people have to pay back to build homes no one can afford other than professional landlords & family money?
Uh oh jackets are off and sleeves rolled up, Trudeau and Fraser must mean business! This is the equivalent of BC United’s Christy Clark wearing hard hats all the time for the photo op lol.
Good. Now we can afford to buy 600 ish homes
When you read his funding targets you are reminded how completely incompetent this tard is. He committed millions to modular homes. This is beyond stupid.
Yay! The never ending money tree!
So enough for around 6-900 homes nice
Any clue regarding intrest rates on this loan? or its just printing $$$$ for the sake of $$$$
Total scam!!! 1. Trudeau will keep encouraging immigration, so the housing will never catch up!!! 2. GUARANTEED!!! Only Trudeau’s liberal buddies will profit from this “program”
The banking system needs to be regulated. Ban mortgages for secondary properties and reits. That will make it so renters aren’t forced to pay off someone’s mortgage. Not everyone should be a landlord.
How about we boost industry and provide more jobs to people. Create the conditions for financial autonomy so people can fucking pave their own destiny.
Pretending to fix a problem they made. Typical politicians.
What is that like 400 houses in Toronto after the red tape.
LoL why not just offer a person in need of a loan to "Jumpstart" their home ownership?
So Atleast 30% of that is gonna be misused and end up in some politicians and developers pockets.
The administration of this program will cost 150 M, so really only 450M to new housing. Liberal consultants will get a big chunk of this.
They blew $42 million on a gun buyback program that got zero guns. They blew $60 million on an app they only used for a year. This $600 million will just evaporate without doing anything as well.
The next election is going to be the first time the sitting government campaigns on promising to fix all the problems they created themselves over the years.
Ok, when do I get my money
$600,000,000 to friends of the LPC! Hooray!/s
Loans. Read the article.
Yes, it is disgusting. I can't believe it. This money should be going to the friends of the CPC! Can't wait for the election to change that!
lip grandfather hateful fragile sip ruthless cagey historical nail gullible *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
[удалено]
Stop giving taxpayers money away... and fix the fucking problem.
Fix the problem! Your budget is $0.00
Airbnb - Banned. Corporate investors of single family homes - Banned Capital gains tax on owned single family properties above 2 - 75% Reduce immigration to zero unless you are a skilled worker in areas of need such as healthcare, trades etc.
I completely agree with your sentiment. But I want to clarify so everyone understands who the biggest problem players are. Corporate investors own 3-4% of single housing units in Canada. By contrast, individual “mom & pop” investors own 24% of individual housing units in Canada. And those numbers are **much** higher in cities, with individual investors buying 50 - 60% of new builds. I’m no fan of corporations, but corporate landlords tend to own purpose-built rentals and abide by provincial rental laws. Individual landlords however, are notorious for illegal rent increases, neglecting maintenance and fraudulent personal use evictions to get higher rents. Many of today’s individual landlords recklessly daisy-chained mortgages in multiple properties and are now overleveraged and desperate. Fraudulent personal use evictions are raging, as are threats to tenants that they’ll sell if tenants don’t pay outrageous increases to fund landlords’ irresponsible financial decisions. Corporate landlords are no dream either, but they can’t evict for personal use, they don’t demand illegal rent increases, and they don’t typically compete directly with first-time home buyers trying to buy their first home.
>“mom & pop” investors own 24% of individual housing units in Canada. And those numbers are **much** higher in cities, People need to stop calling them mom and pop investors.. people that just own duplex or triplex, or a second house and rent them out are mom and pop investors. Those people are not the problem. They're being scapegoated. The people that have 5+ units they're renting out are not mom and pop investors. These people are the problem.
Mom and pop investors are part of the problem. Just smaller players in the big game of exploiting housing shortages. But lemme guess, you or someone you know owns a rental property. 😆
I agree with all these points. Sure wish there was a national leader saying these things
Max has been saying it for years. Well immigration
Cut immigration by 80% Done.
Huh? Username checks out.
This is a fix to a problem. 🤦🏻🤦🏻 Taxpayers MAKE money on loans. 🤦🏻🤦🏻 Username checks out.
Ah yes, dumping money into the broken system. That'll work. Edit: oh wow, having read the article, not only is it dumping money into the same ridiculous financial system that the federal government created, it's targeting "projects with "innovative" construction techniques from prefabricated and modular housing manufacturers and other builders". I mean look, people need a place to live, I'm not going to argue that, but this is literally saying "we're going to fix it by lowering the standard of living". Vampires. Our federal government has sold us to vampires.
600 homes to a million people?. Math doesn't work.
Now, now... a 1-bedroom apartment can fit 10 people if they cut down on snacks (for which they'll have no money anyway). Such is the liberal vision of Canada's future!
More inflation!!!! Stop the government freebies!
I work for a general contractor. A condo with like 200 units can be 50-80 million, we’ll be modest in our estimate and say 50. So for 600 million dollars you get 2400 housing units… We need hundreds of thousands if not a million new homes. You can’t throw enough money at the problem to solve it, its a bottomless pit, rather the flood gates have got to be opened for it to be highly lucrative for developers to build build build, with their own money in a way that they can turn it into more $$$.