Mr. Speaker, the Government of Canada is taking action to solve Canada's housing crisis. We are making housing more affordable and attainable for Canadians because everyone deserves a place to call home.
Too many Canadians across the country are struggling with the high cost of housing, and the federal government is focused on solutions. We are starting to put money back into Canadians' pockets by reducing middle-class taxes and saving two-income families up to $840 a year.
We are cutting the goods and services tax on new homes at or under $1 million for first-time homebuyers, delivering savings of up to $50,000. We are also lowering the GST on new homes between $1 million and $1.5 million. We have also made it easier for Canadians to save for their first home by raising the limit on the tax-free home savings account.
Young families and first-time homebuyers deserve the same opportunities to own a home that their parents had. Restrictive planning policies, rising municipal fees and insufficient support for housing at all levels of government have contributed to higher costs, construction delays and a lack of affordable housing.
The Government of Canada is committed to lowering housing costs and restoring affordability. Since 2017, funding delivered through the national housing strategy has reduced or eliminated housing needs for more than 655,000 households. We have created or committed to more than 170,000 new housing units, but we know there is still more work to do, and we are not stopping there.
On September 14, the Prime Minister and the Minister of Housing launched Build Canada Homes. This new federal agency is part of a broader series of federal measures to double housing construction, restore affordability and reduce homelessness. It will focus on using Canadian-made materials and modern construction methods, such as factory-built housing, to catalyze an entirely new Canadian housing industry, one that builds faster and more sustainably.
Build Canada Homes complements the national housing strategy and Canada's housing plan by adding a bold new federal approach to building affordable housing. It will build on the success of these initiatives while focusing primarily on non-market housing and catalyzing a more productive homebuilding industry.
The Government of Canada is working closely with builders, investors, indigenous partners and all levels of government to implement innovative solutions to address these complex issues. We are using every tool at our disposal and taking coordinated action to help ensure that more Canadians have access to affordable and attainable housing.