National housing strategy to include renovation for 300K homes

The federal government will unveil its national housing strategy Wednesday and is expected to reveal plans for 100,000 new homes and the renovation of 300,000 existing ones.

Radio-Canada says that the plan will span 10 years but some of its elements will not be detailed until 2018 rather than on Wednesday’s National Housing Day.

Justin Trudeau is expected to announce a legislative approach to ensuring that Canada’s housing needs are met. While the prime minister is in Toronto, families minister Jean-Yves Duclos will speak in Vancouver.

While social housing is expected to form the centerpiece of the day’s announcements, the measures may disappoint many who have been hoping for something to really shake up affordability and availability since the Liberal’s promised action two years’ ago.

“I doubt this will be a major game changer for people looking for a house,” Benjamin Tal, deputy chief economist at CIBC, told BNN.

More Mortgage Guide