In an effort to further its goal to help the middle class and those that are working hard to join it, the Government of Canada has announced it will form a working group of officials from the federal government, the provinces of Ontario and British Columbia and the cities of Toronto and Vancouver to study the Canadian housing market and provide policy recommendations.
The creation of the working group was in response to citizens’ expectation that their municipal, provincial and federal governments work together to help address their financial concerns, including their ability to buy a home or the value of this investment.
The plan was announced by Finance Minister Bill Morneau during a speech to the Economic Club of Canada. The working group, which will be established soon, will use the summer months to meet and review the wide range of factors that affect housing supply and demand, the affordability and the stability of the housing market.
“It’s important to understand that while the federal government has some levers it can pull, we don’t have all of them. The issues surrounding home ownership are a shared responsibility, with provincial governments and municipalities having the ability to act locally,” said Minister Morneau. “By collaborating even more closely with our provincial and municipal partners, we will ensure a coordinated approach, and make use of the best available evidence to arrive at the right conclusions.”
Minister Morneau also stated that the federal government will continue to evaluate whether further steps can be taken to protect borrowers and lenders to help maintain the stability and security of the housing market.
This move comes as part of the Government’s overall actions to ensure middle class Canadians are supported through every stage of their lives, including the middle class tax cut, the Canada Child Benefit and the historic agreement with Canada’s Finance Ministers to make meaningful changes to the Canada Pension Plan.