Mr. Speaker, our new government understands that housing affordability is important and that it is important for us to make life more affordable for Canadians. That is why we implemented tax cuts for middle-class, dual-income families, effective as of this past Canada Day. This will allow 22 million hard-working Canadians to save up to $840 per couple per year, totalling $27 billion for Canadians over five years. That is why we are eliminating the goods and services tax on first-time home purchases at or under $1 million, saving buyers up to $50,000 on their first home, and reducing the GST for homes priced between $1 million and $1.5 million.
These measures are on top of changes to mortgage rules, like allowing 30-year mortgage amortizations for first-time homebuyers. Together, these measures will lower housing costs for Canadians and help young families buy their first home, a dream that was attainable for their parents' generation that we are working hard to help them realize.
We are committed to building a housing system that works for everyone. The Government of Canada has already signed over 240 agreements under the $4.4-billion housing accelerator fund to incentivize municipalities to cut red tape, increase housing densification and speed up building. These actions are expected to support the permitting of more than 800,000 new homes over the next decade.
While there is more work to do, the Government of Canada is putting affordability front and centre because every Canadian should have access to a home they can afford.
The Government of Canada understands the urgency of the housing crisis and that it will take a collaborative effort to boost supply and restore affordability. That is why we launched “build Canada homes”, a new federal agency that will finance and build affordable housing at scale across our country. It will leverage public lands, offer flexible financial incentives, attract private capital, facilitate large portfolio projects and support manufacturers to build the homes that Canadians need.
“Build Canada homes” will build affordable housing by partnering with builders and housing providers focused on long-term affordability. It will focus on using Canadian-made materials and modern construction methods, such as factory-built housing, to catalyze an entire industry, one that builds faster and more sustainably.
This is a real plan, one that Canadians elected us to act on. On day one, we announced the acceleration of 4,000 units on six sites, with a potential for 45,000 more on those sites. It is just the beginning. Our plan builds on the successes of existing initiatives such as the national housing strategy, which has reduced or eliminated housing issues for so many Canadians. The federal government is making historic investments in new housing with a new team Canada approach.