Minister Morneau Announces Federal, Provincial and Municipal Working Group on Housing Market

June 23, 2016 – Toronto, Ontario – Department of Finance Canada

Ensuring the long-term financial security of Canadians is at the heart of the Government of Canada's plan to help the middle class and those working hard to join it. Canadians worried about their ability to buy their first home, or about the value of their most important investment, expect their governments to work together to address their concerns.

In a speech to the Economic Club of Canada, Finance Minister Bill Morneau today announced the creation of a working group of officials from the Government of Canada, the Province of Ontario, the Province of British Columbia, and the cities of Vancouver and Toronto—to study the current state of the Canadian housing market and provide policy recommendations. The working group, which will be constituted in the coming days, will meet throughout the summer months to review the broad range of factors that affect supply and demand for housing, the issue of affordability, and the stability of the housing market.

Minister Morneau added that the Government of Canada will continue to evaluate whether further steps can be taken to protect borrowers and lenders to help maintain a stable and secure housing market for Canadians.

Minister Morneau situated the Government's actions on housing and home ownership within the Government's overall commitment to supporting middle class Canadians in every stage of their lives, pointing to the middle class tax cut, the Canada Child Benefit and the historic agreement with Canada's Finance Ministers to make meaningful changes to the Canada Pension Plan as examples of real change.

Quote

"It's important to understand that while the federal government has some levers it can pull, we don't have all of them. The issues surrounding home ownership are a shared responsibility, with provincial governments and municipalities having the ability to act locally. By collaborating even more closely with our provincial and municipal partners, we will ensure a coordinated approach, and make use of the best available evidence to arrive at the right conclusions."

– Bill Morneau, Minister of Finance

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Contacts

Annie Donolo
Press Secretary
Office of the Minister of Finance
613-769-7187

David Barnabe
Media Relations
Department of Finance Canada
613-369-4000

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