On Tuesday, November 21, 2023, the federal government tabled the 2023 Fall Economic Statement, which focuses on measures aimed at enhancing existing housing programs, as well as the government’s commitment to increasing housing supply across the entire housing continuum, through various new programs. The statement included its first-ever housing-related chapter titled Canada’s Housing Action Plan, which includes a long-term REALTOR® position to not require insured mortgage holders to requalify under the insured minimum qualifying rate when switching lenders at mortgage renewal. This is a strong step forward towards restoring housing affordability for Canadians.
CREA released a response Tuesday afternoon outlining the measures in more detail and noting they will monitor these new and expanded measures and assess the impact they have on the housing continuum, including homeowners, renters, and REALTORS®.
At LSTAR, we will monitor how these commitments are reflected in federal dollars to local housing initiatives and in support to those in our communities.
