QUESTION PERIOD — Housing, Infrastructure and Communities
Affordable Housing
November 27, 2025
Senator Moreau, over the past year, the government has announced several significant housing initiatives, including the Housing Design Catalogue, fast-tracking zoning tools, the National School Food Program tied to the construction of new schools and, most recently, the Build Canada Homes agency. These are ambitious measures, and Canadians want them to succeed. However, at the same time, more than 2.2 million Canadian households will renew their mortgages over the next 24 months. Many face significant payment increases. Even with new housing supply under way, many families are still concerned about affordability today.
Can you tell us how the government plans to ensure that the rollout of new housing initiatives, particularly Build Canada Homes, will be accompanied by short-term relief or safeguards for the millions of Canadians renewing their mortgages at much higher costs?
Creating jobs is a way to answer the affordability question. Maintaining inflation at a very low rate is another way to do that, as is ensuring that unemployment is down.
With regard to mortgages, the Financial Consumer Agency of Canada has expectations for banks, not only for the government. If the Financial Consumer Agency of Canada expects banks to help individuals who may be struggling to pay their mortgages due to exceptional circumstances, then these expectations also apply to other federally regulated financial institutions that offer mortgages.
Inflation is down 2.2%, as I pointed out to Senator Housakos. For almost two years, it’s been running within the Bank of Canada’s target. This is a good month, and, as I said, unemployment is down as well.
Thank you for the question, senator, and, unfortunately, I think my time is up now.
Thank you. We have more time now, but thank you for the answer.
Respectfully, families need clarity. Can the government commit to identifying specific short-term affordability measures and commit to communicating them to Canadians before the bulk of renewals peak over the next 18 months? Also, can it explore additional short-term responsible options, such as temporary amortization flexibility, targeted interest relief tools — I can go on and on, but my time is up.
We go from “time is up” to “time is up.”
While I cannot speculate on any potential future programs or legislation, I note that, thanks to the government’s strong fiscal position and responsible economic plan, Canada is well placed to manage the challenges ahead.
Again, this month — just as it was last month and just as it has been every month since Mr. Carney has become Prime Minister — Canadian wages have grown faster than the rate of inflation. Canadians are getting ahead.
