Mr. Speaker, it is always a pleasure to rise and reply to my friend from York—Durham.
Yes, we know that too many Canadians are struggling to find homes they can afford. That is why the government is taking action on multiple fronts to increase the rate of home construction, restore affordability and reduce homelessness, not through a single program but with a comprehensive approach that brings every partner to the table.
On February 5, the government tabled legislation to establish Build Canada Homes as a Crown corporation to scale up the supply of affordable homes for lower- and middle-income Canadians. Build Canada Homes will partner across the housing ecosystem, deploying flexible financing tools, leveraging public lands and using modern methods of construction to build more affordable homes for Canadians. It will help build homes more quickly, more efficiently and at scale.
Across this country, the Government of Canada is working with provinces, territories and municipalities to remove local barriers that slow new supply. We are helping to support faster, more predictable approvals and aligning rules so that good projects can get built.
We have introduced targeted tax measures that make purpose-built rental projects more financially viable, because renters need more options that they can afford. The Canada Mortgage and Housing Corporation programs, such as the apartment construction loan program and mortgage loan insurance, are helping builders access the financing necessary to move projects from concept to construction. This continues the progress made by the national housing strategy.
To date, over 741,000 households have been reduced or eliminated from housing needs. More than 195,000 new housing units were created or committed. That progress matters, because solving the housing crisis requires steady, sustained effort over time. For young Canadians working toward their first home, federal supports, such as the first home savings account, will allow them to save up to $40,000 tax-free. This is done with contributions that reduce their taxable income and withdrawals that are entirely tax-free when they buy their first home.
To lower the upfront cost of buying a new home for young Canadians, we introduced the first-time homebuyers' GST rebate to allow first-time homebuyers to save up to $50,000 on a new home. The government is eliminating the goods and services tax on new homes up to $1 million and reducing the same GST on new homes between $1 million and $1.5 million for first-time homebuyers.
We are also working to reduce the cost of home building. The first of these partnerships was announced on March 30 with the Government of Ontario. It will help lower development charges and reduce taxes and fees for a home in Ontario up to $200,000. We look forward to working with other partners to reach similar agreements.
The Government of Canada is taking action so all Canadians have access to an affordable place to live.