Finance Minister Chrystia Freeland holds a press conference in Ottawa on Tuesday, April 20, 2021. THE CANADIAN PRESS/Sean Kilpatrick

Finance Minister Chrystia Freeland holds a press conference in Ottawa on Tuesday, April 20, 2021. THE CANADIAN PRESS/Sean Kilpatrick

More supply needed to ease housing price crunch, but always more to do, Freeland says

Federal budget promised $2.4B over five years, beginning with nearly $1.8B this year, for affordable housing

Finance Minister Chrystia Freeland says the country needs a boost in the supply of housing to help make prices more affordable, but suggests there may be other steps governments can take.

Speaking at a virtual event, Freeland says the federal government wants to work with lower levels of government on the issue, saying there is more that cities, provinces and Ottawa can do together.

Freeland didn’t detail what other options could be out there during her hour-long talk with the Greater Vancouver Board of Trade.

Monday’s federal budget promised $2.4 billion over five years, beginning with nearly $1.8 billion this fiscal year, for affordable housing and pledged to tax foreigners who own vacant homes in Canada.

While Freeland says affordability is first and foremost an issue of supply, she also says housing shouldn’t be used by foreign buyers to store wealth offshore.

However, she says the government will take into account concerns from places like Whistler, B.C., where a tax may be problematic for Americans who own vacation properties in the area.

The Canadian Press

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The College of Massage Therapists of B.C. says Van (William) Dinh, a registered massage therapist in Surrey and Langley, has had his licence suspended while an inquiry committee panel investigates allegations of sexual misconduct. (Unsplash photo)
Surrey massage therapist suspended amid sexual misconduct investigation

CMTBC received complaint Van (William) Dinh allegedly exposed ‘sensitive areas of the patient’s body’

Hundreds gathered for a candlelight vigil Friday evening (May 7) to remember 29-year-old corrections officer Bikramdeep Randhawa, who was killed in last weekend’s brazen daylight shooting outside North Delta’s Scottsdale Centre mall. (James Smith photo)
Hundreds gather to remember victim of North Delta shooting

Corrections officer Bikramdeep Randhawa, 29, was killed in what police say was a targeted incident

TEASER PHOTO ONLY
Surrey woman a face of World Ovarian Cancer Day campaign in London, New York

‘It’s so important we find better treatments,’ Catherine Eiswerth says

Flags flown at half mast out front of Fraser Regional Correctional Centre for slain corrections officer Bikramdeep Randhawa. (Neil Corbett/ The News)
Public vigil and flying flags at half mast done to honour slain prison guard

Maple Ridge corrections officer Bikramdeep Randhawa, 29, is being remembered in a number of ways

Surrey-White Rock MLA Trevor Halford and Surrey South MLA Stephanie Cadieux. (Contributed photos)
BC NDP ‘chose to create a system of chaos’ by holding back COVID-19 data: Cadieux

South Surrey MLAs criticize provincial government after BCCDC documents leak

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

Canada’s chief public health officer is reminding Canadians even those who are fully vaccinated are not immune from transmitting the COVID-19. THE CANADIAN PRESS/Adrian Wyld
Canada’s top doctor warns full vaccination does not equal full protection from COVID-19

Post-inoculation, Theresa Tam says the risk of asymptomatic infection and transmission is far lower but not obsolete

The dash cam footage, taken May 7 at 8:18 a.m. belonged to the driver of a southbound vehicle that recently travelled out of the tunnel. (Reddit/Screen grab)
VIDEO: Dash cam captures dramatic rollover crash on Highway 99

Only one person sustained injuries from the collision, says B.C. Ambulance Services

Chevy stranded on a ledge above a rocky canyon at Mimi Falls near Logan Lake, April 28, 2021. (Photo credit: Margot Wikjord)
Police officer and fire chief team up in risky rescue of stranded dog near Logan Lake

Chevy, a rescue dog, needed rescuing again after getting stuck on a ledge above rocky canyon

Police were on the scene of a fatal shooting in Abbotsford. (Black Press Media files)
B.C. government to give more than $8 million for programs to curb gang violence

221 not-for-profit projects led by local governments and school districts among others will receive a one-time grant

Vancouver Giants earned a 6-2 victory over the visiting Kelowna Rockets Friday night, May 7, in Kamloops (Allen Douglas/special to Langley Advance Times)
VIDEO: Vancouver Giants down Kelowna Rockets 6-2

Two short-handed goals for Langley-based team

<a href="Facebook users reported seeing a body on the side of the road this morning." target="_blank"></a>Facebook users reported seeing a body on the side of the road this morning. (File photo)
Man killed in fatal hit-and-run collision between Abbotsford and Chilliwack

Body reported at 6 a.m., police close North Parallel Road, single highway lane as they investigate

Gord Judson steers his log truck down a forest service road, using two-way radio and call signals to mark his position for oncoming traffic. (B.C. Forest Safety Council)
Planning some B.C. wilderness fishing? Don’t catch a log truck

Remote recreation areas bracing for heavy pandemic pressure

Former University of British Columbia student Stephanie Hale, 22. THE CANADIAN PRESS/Jeff Bassett
Human Rights Tribunal to hear complaint against UBC Okanagan for ‘mishandling’ sexual assault report

Stephanie Hale did not return to campus after the student she alleges attacked her was cleared of wrongdoing

Most Read