Madam Speaker, I suspect we would have to go back 50 years or more to see a government, particularly a prime minister and a number of cabinet ministers, that has committed so much in financial resources and striven to get strategic plans before Canadians to deal with the housing issue.
Our government is focused on making changes that help as many Canadians as possible, including their ability to afford safe and adequate places to call home. This challenge is particularly true in Canada's largest cities, where a limited supply of affordable housing is making it harder for many Canadians to afford homes of their own. COVID-19 has exacerbated the existing housing affordability and the homelessness issue and called attention to the public health risks of substandard and crowded living quarters. Affordable housing is also essential for economic fairness and growth.
The hon. member has noted that speculative demand from foreign non-resident investors is contributing to the unaffordable housing prices for many Canadians in some of the biggest cities. To help make the housing market more secure and affordable for Canadians, the government has committed to ensuring that foreign non-resident owners who simply use Canada as a place to passively store their wealth in housing pay their fair share. That is why, in the fall economic statement, the government indicated it would take steps over the coming year to implement a national tax-based measure targeting the unproductive use of domestic housing owned by non-residents and non-Canadians.
Such a measure would ensure that foreign non-resident owners of Canadian residential real estate are contributing to Canada's tax base, either by paying income tax or rental income or through a tax on unproductive use of residential real estate. The fall economic statement also proposed to expand the existing rental construction financing initiative by $12 billion over the next seven years. This initiative provides low-cost loans for the construction of new purpose-built rental housing. The expansion will enable the program to support the construction of 28,500 additional rental units and employment in residential construction and other skilled trades.
This government is committed to doing whatever we can to ensure that homes are affordable for Canadians, and we are looking at ways to make a difference for as many Canadians as possible. I often talk about Habitat for Humanity, a non-profit organization that really makes a difference in Winnipeg North. Through that program, people are getting new homes in communities where they would would never have had the opportunity before. It is not just about the federal government working with other levels of government; it is about engaging and supporting non-profit organizations wherever we can. I cite Habitat for Humanity for the fine work it has done in Winnipeg North, in particular, but obviously also in all regions of the province and in most regions, from what I understand, in Canada.