April, 2024: In a Friday press release headlined simply “Canada’s Housing Plan,” the Prime Minister’s Office laid out a plan to “unlock 3.87 million new homes by 2031.” … “Canada can and will solve the housing crisis,” read an attached quote by Housing Minister Sean Fraser.
June, 2024; Canadian building permits dropped again in June by 13.9%, continuing the trend of a softening property market despite the government’s attempts to accelerate housing development. According to Statistics Canada, the decline in June was even greater than the previous month, which saw permits drop 12.2% in May and the data is even worse on a year-over-year basis, where the overall value of permits issued in June has dropped by 21.6%.