Federal Government Unveils New Measures to Boost Housing Development and Affordability

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The federal government has introduced new housing measures, including support for homeowners adding secondary suites, taxing vacant land, and utilizing underused federal properties for housing. Homeowners can now refinance their mortgage to construct rental suites, borrowing up to 90% of the home's value, with a 30-year amortization period. The mortgage insurance price limit has also been raised to $2 million, ensuring accessibility across Canadian housing markets.

Additionally, the government is launching consultations on the taxation of vacant land, aiming to encourage development by incentivizing landowners to build homes. Input from provinces, territories, and municipalities is being sought on implementing these taxes.

Lastly, 14 underused federal properties have been added to the Canada Public Land Bank, bringing the total to 70. These properties, located in cities across Canada, will be used to build affordable housing, addressing the growing need for homes. The initiative aligns with the government’s broader plan to unlock public lands for housing and strengthen communities.

Read the full article on: CTV NEWS