In federal budget, Ottawa looks to Canada Post land for building housing supply

OTTAWA — The federal government is eyeing underutilized Canada Post and National Defence properties as a way to deliver affordability and supply to the country’s housing market.

The Liberals’ fiscal plan mentions at least six times that housing should be designed for Canadians to live in rather than serving as a speculative asset.

It aims to make the cost of renting or owning a home more accessible by creating a supply of 3.87 million new homes by 2031.

That would add two million more homes to the 1.87 million the country was already on track to build.

Many of the homes will come on Canada Post and Department of National Defence lands, which the budget proposes freeing up and leasing to builders for housing construction.

The budget builds on previously announced moves like 30-year amortization periods for first-time buyers, a ban on foreign investors, a crackdown on short-term rentals and a $400 million top up to a fund that fast-tracks construction.

This report by The Canadian Press was first published April 16, 2024.

The Canadian Press