New actions announced to encourage building of secondary suites, more homes in Canada
The federal government introduced a number of measures related to housing on Tuesday, which include measures for homeowners wanting to add a secondary suite, taxing vacant land and building homes in place of underused federal properties.
The first action is changes to how lenders and insurance companies can offer mortgage refinancing for homeowners looking to convert an unused basement or garage into a rental suite.
Homeowners can now refinance their current mortgage and construct a secondary suite, with borrowers able to access up to 90 per cent of the home's value, including the value of the extra suite. The borrower will be able to amortize the refinanced mortgage over a period of 30 years.
The federal government also said it is increasing the mortgage insurance home price limit to $2 million for those refinancing to build a secondary suite, saying this will ensure homeowners can access their refinancing in all housing markets across Canada.
"We must use every possible tool to build more homes and make housing affordable for every generation of Canadians," Deputy Prime Minister and Finance Minister Chrystia Freeland said in a press release.
The second measure announced was the launch of consultations on the taxation of vacant land, a measure which the federal government argues will incentivize landowners to build homes.
"The federal government is seeking feedback from provinces, territories, and municipalities that are interested in implementing their own vacant land taxes," the press release said.
Finally, Public Services and Procurement Minister Jean-Yves Duclos announced 14 underused federal properties have been deemed suitable for building new homes, bringing the number of total federal properties added to the Canada Public Land Bank to 70. The buildings are located in cities across Canada, including Ottawa, Quebec City, Cape Breton, N.S., and St. John's, N.L.
Duclos says affordable housing options are out of reach for "far too many Canadians" and that adding these buildings is part of an effort "to unlock public lands for housing at a pace and scale not seen in generations."
"We are delivering on our promise to continue to add more properties to the land bank and meet the deliverables outlined in Budget 2024 to support a new, ambitious Public Lands for Homes Plan. In doing so, we can build strong communities and more affordable housing across the country."
IN DEPTH
Jagmeet Singh pulls NDP out of deal with Trudeau Liberals, takes aim at Poilievre Conservatives
NDP Leader Jagmeet Singh has pulled his party out of the supply-and-confidence agreement that had been helping keep Prime Minister Justin Trudeau's minority Liberals in power.
'Not the result we wanted': Trudeau responds after surprise Conservative byelection win in Liberal stronghold
Conservative candidate Don Stewart winning the closely-watched Toronto-St. Paul's federal byelection, and delivering a stunning upset to Justin Trudeau's candidate Leslie Church in the long-time Liberal riding, has sent political shockwaves through both parties.
'We will go with the majority': Liberals slammed by opposition over proposal to delay next election
The federal Liberal government learned Friday it might have to retreat on a proposal within its electoral reform legislation to delay the next vote by one week, after all opposition parties came out to say they can't support it.
Budget 2024 prioritizes housing while taxing highest earners, deficit projected at $39.8B
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
'One of the greatest': Former prime minister Brian Mulroney commemorated at state funeral
Prominent Canadians, political leaders, and family members remembered former prime minister and Progressive Conservative titan Brian Mulroney as an ambitious and compassionate nation-builder at his state funeral on Saturday.
Opinion
opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster
A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?
opinion Don Martin: The doctor Trudeau dumped has a prescription for better health care
Political columnist Don Martin sat down with former federal health minister Jane Philpott, who's on a crusade to help fix Canada's broken health care system, and who declined to take any shots at the prime minister who dumped her from caucus.
opinion Don Martin: Trudeau's seeking shelter from the housing storm he helped create
While Justin Trudeau's recent housing announcements are generally drawing praise from experts, political columnist Don Martin argues there shouldn’t be any standing ovations for a prime minister who helped caused the problem in the first place.
opinion Don Martin: Poilievre has the field to himself as he races across the country to big crowds
It came to pass on Thursday evening that the confidentially predictable failure of the Official Opposition non-confidence motion went down with 204 Liberal, BQ and NDP nays to 116 Conservative yeas. But forcing Canada into a federal election campaign was never the point.
opinion Don Martin: How a beer break may have doomed the carbon tax hike
When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing.
CTVNews.ca Top Stories
NEW Who should lead the Liberals? 'None of the above,' poll finds
As questions loom over Prime Minister Justin Trudeau’s leadership, a new Nanos Research poll commissioned for CTV News says a quarter of Canadians say none of the potential candidates appeal to them.
U.S. Justice Department brings criminal charges in Iranian murder-for-hire plan targeting Donald Trump
The U.S. Justice Department on Friday disclosed an Iranian murder-for-hire plot to kill Donald Trump, charging a man who said he had been tasked by a government official before this week's election with planning the assassination of the Republican president-elect.
Canada rent report: What landlords are asking tenants to pay
Average asking rents declined nationally on a year-over-year basis for the first time in more than three years in October, said a report out Thursday.
N.S. school 'deeply sorry' for asking service members not to wear uniforms at Remembrance Day ceremony
An elementary school in the Halifax area has backed away from a request that service members not wear uniforms to the school's Remembrance Day ceremony.
48,584 space heaters recalled in Canada after burn injury in U.S.
Health Canada has announced a recall for electric space heaters over potential fire and burn risks, a notice published Thursday reads.
Israeli soccer fans were attacked in Amsterdam. The violence was condemned as antisemitic
Israeli fans were assaulted after a soccer game in Amsterdam by hordes of young people apparently riled up by calls on social media to target Jewish people, Dutch authorities said Friday. Five people were treated at hospitals and dozens were arrested after the attacks, which were condemned as antisemitic by authorities in Amsterdam, Israel and across Europe.
'Big frustration': How a limited MAID window affects Alzheimer's patients
A move by Quebec to allow a person with a serious and incurable illness like Alzheimer's to request MAID months or years before their condition leaves them unable to consent has been met with praise, confusion and criticism.
Winnipeg teacher who faces voyeurism charge now accused of sexually assaulting former student
A Winnipeg teacher previously charged with voyeurism and a number of other offences has been charged with sexual assault and sexual exploitation of a former student.
Beyonce leads the 2025 Grammy noms, becoming the most nominated artist in the show's history
Welcome to Beyonce country. When it comes to the 2025 Grammy Award nominations, 'Cowboy Carter' rules the nation.
Local Spotlight
'There was no stopping this baby from coming': Woman gives birth while on board N.L. ferry
A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.
B.C. man discovers 115 stuffed animals hidden behind wall, begins donating them to people around world
As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.
'We put love into it': Group of N.S. women gather to make quilts for those in need
A group of women in Chester, N.S., has been busy on the weekends making quilts – not for themselves, but for those in need.
Vancouver musician lands 'meaningful interaction' with Ed Sheeran after busking outside his show
A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.
10K hand-knit poppies displayed at the Dartmouth Cenotaph
Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.
'I put my whole life on hold': B.C. man embarks on Arctic to Antarctica trek
A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.
Windsor teen's shredded pepperoni pizza post goes viral
A Windsor teen’s social media post showing off a distinctive Windsor pizza topping has gone viral, drawing millions of views worldwide and sparking new curiosity about Windsor-style pizza.
'You look like me': 7-year-old who went viral for his Auston Matthews Halloween costume meets Leafs star
Auston Matthews has come face to face with his look-alike. On Thursday, the Maple Leafs star met seven-year-old Grayson Joseph, who went viral for dressing up as an Auston Matthews hockey card.
'You never know what you're going to find': Halifax junk remover shares some of his company's strangest discoveries
A Halifax junk remover shares some of his company’s strangest discoveries.