Madam Speaker, I want to thank my hon. colleague for raising the very important issue of affordable housing. I am a co-op kid and a huge advocate for affordable housing, and I am happy to take this question today.
For many Canadians, the most important investment they will ever make is the purchase of a home and, increasingly, that dream is becoming unaffordable and less attainable. High housing costs, especially in urban centres, continue to place middle-class and low-income Canadians under huge financial pressure and, for some, high housing costs have become a barrier to pursuing promising opportunities in a new community. That is why our government is committed to taking action that will help as many Canadians as possible afford a safe and adequate place to call home.
Since 2015, our government has made historic investments to increase supply and make housing more affordable. For example, under Canada's first national housing strategy, we are on track to deliver over $70 billion by 2027-28 to help more Canadians find a place to call home. However, more still needs to be done.
Making more affordable housing available will require significant investments. That is why our government announced in budget 2021 a plan to invest $2.5 billion and reallocate $1.3 billion in existing funding to speed up the construction, repair or support of 35,000 affordable housing units. We will soon support the conversion to affordable housing of the empty office space that has appeared in many of our downtown cores by reallocating $300 million from the rental construction financing initiative. This will help families, young people, low-income Canadians, people experiencing homelessness and women and children fleeing violence to find a safe and affordable place to call home.
Our government understands that maintaining the health and stability of Canada's housing market is essential to protecting middle-class families and to Canada's broader economic recovery. That is why my colleague, the Deputy Prime Minister and Minister of Finance, recently announced that the government would align with OSFI by establishing a new minimum qualifying rate for insured mortgages. Subject to review and periodic adjustment, the qualifying rate is now the greater of the borrower's mortgage contract rate plus 2% or 5.25%.
However, our actions do not stop there. Speculative demand from foreign non-resident investors is contributing to unaffordable housing prices for many Canadians in some of our biggest cities. That is why, on January 1, 2022, our government will introduce Canada's first national tax on vacant property owned by non-residents. The tax will require all owners other than Canadian citizens and permanent residents of Canada to file a declaration as to the current use of the property, with significant penalties for failure to file.
It is vitally important that Canadians be able to have an affordable place to call home, which is why we will continue to make all the necessary investments to increase housing supply and affordability in Canada.