The Canadian government has unveiled a comprehensive plan to address housing affordability concerns. The plan, outlined in their report "Solving the Housing Crisis, Canada's Housing Plan," includes 37 initiatives across various areas:

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Financing

• Increased annual limit for Canada Mortgage Bonds for low-cost financing.
• New Canada Secondary Suite Loan Program for homeowners to add secondary suites.
• $15 billion in loans for Apartment Construction Loan Program.
• Program changes to ease construction and accelerate projects.
• Low-cost loans to build above existing shops and businesses.
• Increased funding for Housing Accelerator Fund to speed up approvals.
• Launch of Canada Greener Homes Affordability Program for energy-efficient retrofits.

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Affordable Housing

• Increased funding for Affordable Housing Fund.
• Rapid Housing Stream within the Fund for deeply affordable housing.
• New Canada Rental Protection Fund to preserve affordability and acquire new units.
• $1.5 billion Co-operative Housing Development Program.
• Additional funding for First Nation, Inuit, and Métis communities.
• $6 billion Canada Housing Infrastructure Fund for critical infrastructure.

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Homelessness

• Increased funding for Reaching Home program.
• Investment to address encampments and unsheltered homelessness.
• Extension of Interim Housing Assistance Program for asylum seekers.

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Land & Innovation

• Exploring leasing public lands for affordable housing development.
• Low-cost financing for apartments using prefabricated or innovative techniques.
• Reinvention of 1940s housing plans catalogue with modern designs.

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Short-Term Rentals

• Funding for municipal enforcement of restrictions on short-term rentals.
• New tax measures to disincentivize non-compliant short-term rentals.

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Foreign Buyers

• Extension of ban on non-resident, non-Canadian purchases of residential property.

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Mortgage & Ownership

• Consultation on tool for income verification for mortgages.
• Proposal to restrict corporate purchases of single-family homes.

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Data & Credentials

• Funding for improved housing data collection and dissemination.
• Investment to streamline foreign credential recognition for skilled trades.

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Tenant Protections

• New Tenant Protection Fund for legal support and advocacy.
• Canadian Renters' Bill of Rights for lease agreements and bargaining power.
• Proposal to allow inclusion of rental payment history in credit scores.

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Homebuyers' Plan

• Increased withdrawal limit and extended repayment period.

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First-Time Homebuyers

• Access to 30-year amortizations for insured mortgages on new builds (effective Aug 1, 2024).

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Mortgage Charter

• Requirement for lenders to contact homeowners before renewal.
• Permanent amortization relief for homeowners experiencing hardship.

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Tax Incentives

• Proposed tax break for developers building new rental properties.
• Proposed GST removal for student residences built by public institutions.

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Important Note: This is a summary, and details may vary. Refer to the government website for specifics.

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