Canada’s Largest Landowner Plans Affordable Housing Developments
Welcome to another episode of The Canadian Real Estate Investor We are diving into a new federal initiative aimed at tackling Canada's housing crisis. The government has announced 56 properties for conversion into affordable housing. We'll explore the implications and potential impacts of this plan.
A little Housekeeping first!
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let’s dive into the episode!
Key Takeaways:
Canada's government plans to convert 56 properties into affordable housing units as part of a new public lands initiative. This includes former military bases, Canada Post sites, and federal office buildings. The goal is to increase the supply of affordable homes and reduce construction costs.
The plan involves offering these properties for long-term leases rather than outright sales. This strategy aims to keep the lands in public hands and ensure that housing built remains affordable. The properties are spread across various municipalities and provinces.
We discuss the feasibility of the government's ambitious goal to build 3.87 million new homes by 2031. It highlights the mathematical challenge of meeting this target and compares it to past failed initiatives like the Sidewalk Toronto project.
Land leases, where homeowners own the home but not the land, could be a more affordable option. This model reduces purchase costs and ongoing expenses like property taxes, making it accessible for first-time buyers and others.
About 89% of Canada's land is Crown land, an area that belongs to the monarch, divided into federal (41%) and provincial (48%) jurisdictions.
The Canadian government manages a substantial real estate portfolio, including 19,920 properties, 41 million hectares of land, 38,541 buildings, and 296 million square feet of floor space.
The Liberal government’s housing plan, detailed in the 2024 budget, targets creating 3.87 million new homes by 2031. There are several key initiatives including utilizing public lands, funding apartment construction, and supporting Indigenous housing.
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