Despite promising in 2015 to “make it easier for Canadians to find an affordable place to call home” and admitting in 2021 that under his government “a first home has been out of reach for far too many”, the Prime Minister has failed to tackle the housing crisis that his failed policies have created.
In 2021, the Liberal Party promised to build, preserve or revitalize 1.4 million new homes by 2025-26. The latest data on building permits released today shows that the number of homes expected to be built each year has declined 11% since making that promise.
Last year, the Canada Mortgage and Housing Corporation (CMHC) said that in order to restore housing affordability, 5.8 million homes would need to be built. At the present rate of home building under this Liberal government, as confirmed today by Statistics Canada, less than half that number of homes will be built.
And things are getting worse.
According to today’s release the number of new homes built is down nearly 16% since the same time last year, with Ontario seeing a decline of 20%. The money being spent on home building is also down 17% since June 2022.
In fact, the value of home building permits has declined in 9 of 10 provinces compared to last year with spending on residential construction registering an expected decline of $3.9 billion since the second quarter of 2022.
Liberals are failing to keep their promises to Canadians who need a place to live. Common sense Conservatives will remove the gatekeepers who are preventing home building and bring homes that Canadians can afford.