Here's How Justin Trudeau's Government Plans To Make Buying A House In Canada More Affordable

The federal government is planning to make buying a house in Canada more affordable and explained how it would get done.

During the throne speech on November 23 that opened the new session of parliament, Justin Trudeau's re-elected government outlined their goals and how they'll achieve them which included steps to reach housing affordability.

"As we put the pandemic behind us, we need to rebuild an economy that truly works for everyone," Trudeau said in a statement after the speech. "That means tackling the rising cost of living and taking action on housing affordability."

The federal government plans to take action by building more housing units each year, increasing affordable housing and "ending chronic homelessness."

They are proposing a Housing Accelerator Fund which they claim would help municipalities build more while doing it better and faster.

Also, to help people in Canada buy their first home, the government has listed other program names, like First-Time Home Buyer's Incentive, Rent-to-Own, and "reducing closing costs for first-time buyers."

Recently, reports have come out that revealed how difficult it is to afford a home in Canada including one that showed buying a house is the hardest its been since the 1980s and another that said Toronto's real estate is so expensive that people need to save for almost 30 years to buy a place.

However, when compared to other countries, a new study found that Canada is one of the most affordable places to buy a home in the world based on how much homes cost in relation to average salaries.