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Minister of Housing and Diversity and Inclusion Mandate Letter – Are any housing related policy changes on the way?

Office of the Prime Minister

Minister of Housing and Diversity and Inclusion – December 2021

This is not the first time the government of Canada has appointed a housing minister, but the last was long ago.  On December 16th the government released its mandate letter outlining what the Minister is tasked to accomplish.  While the full document can be accessed here, a few interesting takeaways are as follows:  “Work with provinces, territories, municipalities and the Deputy Prime Minister and Minister of Finance to develop a Fairness in Real Estate Action Plan that includes:

– A temporary ban on foreign buyers of non-recreational residential property in the Canadian housing market…

– Reviewing the down payment requirements for investment properties…

– Increased consumer protection and transparency in real estate transactions, including a ban on blind bidding…

– An anti-flipping tax on residential properties, requiring properties to be held for at least 12 months…”

As policies start to take shape, this is an excellent document to continually refer back to in order to assess the government’s housing related priorities and direction.

To read the full letter, please click here.

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