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Trudeau $15B Housing Band-Aid Blasted as Too Little Too Late

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Trudeau Sticks Foot in Mouth Again 

Just when you thought things couldn’t get worse for Justin Trudeau, the floundering PM sticks his foot in his mouth again with an outrageous new housing announcement. 

After years of skyrocketing prices that locked millions of Canadians out of the market, Trudeau now wants credit for an insufficient $15 billion construction loan.

But this pathetic half-measure is already triggering outrage. Critics on both sides are slamming Trudeau’s plan as too little too late amid the massive housing shortage HIS policies created.

Even the NDP ripped into Trudeau, accusing him of helping developers enrich themselves while average Canadians suffer.

With his approval ratings in free fall and Canada’s housing crisis only getting worse every day, the desperate PM threw out another token announcement to make it seem like he’s fixing things. 

But Canadians aren’t buying it anymore. Trudeau’s latest mortifying housing embarrassment has left his credibility in ruins. 

When will Trudeau get it through his head that these puny construction loans aren’t going to do anything to fix the insane housing market he blew up?

Trudeau’s Latest Housing Flop

After nearly a decade of skyrocketing home prices and rents under Justin Trudeau’s watch, the Prime Minister has finally decided to take action on the housing affordability crisis he created. 

But his latest band-aid solution of $15 billion for apartment construction loans is too little, too late for the millions struggling to keep a roof over their heads. 

This puny amount won’t even make a dent in the estimated 5.8 million new homes needed across Canada. 

While Trudeau boasts about his plan to build 30,000 new rental units, this is a drop in the bucket compared to the vast shortage we face after years of Liberal mismanagement.

Responding to the announcement, NDP housing critic Jenny Kwan said Canadians can’t trust the government that created the housing crisis to fix it.

Kwan rightly said: “Trudeau’s out-of-touch housing strategy is dominated by loans to for-profit developers that don’t help Canadians who need homes they can afford. Today, the Liberals announced $15 billion for a program where 97 per cent of the units produced are not affordable.”

Conservative housing critic Scott Aitchison also slammed Trudeau’s announcement as a photo op re-announcing a “failed loan program.”

Aitchison rightly said: “Justin Trudeau’s response has been to re-announce a failed loan program which has only resulted in the completion of 11,000 homes over the course of seven years and create more bureaucracy which will raise the cost of housing even more.” 

Trudeau had plenty of time to take real action on housing affordability, yet he chose to sit on his thumbs while owning a home went outta reach for most young Canadians.

Now, with his approval ratings tanking and the Conservatives way ahead in the polls, Trudeau thinks re-announcing the same old stuff will make up for his lame leadership on this critical issue as he stares down defeat in the 2025 election.

After nearly a decade of inaction, Trudeau still doesn’t grasp the urgency of the housing crisis. His piecemeal approach of taxpayer-funded construction loans completely misses the mark. 

It does nothing to help hard working middle-class Canadians being squeezed out of the market today.

People are having to sleep in their cars or move in with their parents because of how bad the housing situation has reached under Trudeau.

And his so-called “renters’ bill of rights” is mere window dressing. Limiting rent increases to once a year is meaningless when rents are rising 20, 30, even 40% annually in cities across Canada. 

This data underscores the deepening crisis. According to Robert Hogue, RBC’s assistant chief economist, Vancouver’s housing market is now in a “full-blown crisis” requiring an “exceptionally high income or significant down payment” to afford a home. 

The data backs up his grim assessment. RBC found that 106.4% of Vancouver’s median income went to cover ownership costs last quarter – meaning it takes more than an entire average salary just to pay the mortgage.

As UBC economics professor Tom Davidoff observed, “It has gotten worse, and it keeps getting worse.” 

Monthly costs for an average Canadian home now swallow 63.5% of median household income, up from just 40% a decade ago. But Trudeau ignored repeated warnings as the crisis brewed.

Davidoff notes that the “annual cost of ownership has increased dramatically due to growth in interest rates” under Trudeau. The Bank of Canada’s rate hikes, meant to curb the inflation crisis also fueled by Liberal policies, have crushed affordability. As Davidoff says, “if rates come down, prices will probably rise dramatically.”

According to the RBC report, Vancouver and Victoria saw the biggest affordability declines recently as the Liberals continue to fiddle while home prices burn. 

This affordability catastrophe is a direct result of policies enacted by the Trudeau Liberals. 

Despite repeated warnings, his government fueled demand through record immigration and rock-bottom interest rates while restricting new housing supply through burdensome regulations.

This perfect storm of high demand and limited supply predictably led to drastic price escalations that have locked an entire generation out of the market.

Minister Enabled Housing Crisis Through Mass Immigration

What’s even more outrageous is Minister Fraser’s blatant hypocrisy on immigration and housing. 

As former immigration minister, Fraser oversaw massive influxes of new permanent residents that poured fuel on the housing crisis. Annual immigration approached half a million under his watch – the highest sustained levels in Canadian history.

Now as Housing Minister, he claims to be “advancing policies to help address the national housing crisis” while deflecting any blame for creating the shortage.

Fraser pointed to new programs providing billions in construction loans and financing, saying this will “help us build more homes.” But he enabled the crisis that necessitated these measures by greenlighting excessive immigration levels year after year, with no regard for housing capacity.

Fraser also introduced a new initiative to partner with provinces on housing, despite ignoring provincial calls for reduced immigration over past years. 

He is now supposedly concerned about “ambitious housing plans,” having shown no concern for balanced immigration plans when in the Immigration portfolio.

So Trudeau, with the help of his liberal ministers, is merely tweaking policies here and there for appearances, not delivering the sweeping reforms needed to bring housing costs back down to earth.

After eight years, Trudeau seems oblivious to the harsh reality faced by Canadian renters and homebuyers. 

His lofty promises now ring hollow as an entire generation faces the prospect of never owning a home due to policies enacted under his watch.

According to the Bank of Canada’s own data, nearly 30% of renters spend over 30% of their income on housing. One in three families who don’t own their home struggle to pay the bills each month. 

The average house in Canada now costs $700,000 – double what it did when Trudeau first took office.

These are the real-life consequences of Liberal mismanagement. But does Trudeau take responsibility? Of course not. He simply deflects blame and carries on with his never-ending photo ops, announcing meager measures that won’t move the needle.

The same goes for his out-of-touch ministers. Finance Minister Chrystia Freeland calls for less red tape while her government imposes regulation after regulation, stifling development. 

She has the audacity to criticize housing shortages, despite playing a key role in creating them! Yet like Trudeau, Freeland refuses to take any blame for the crisis happening under her watch.

Canadians see right through her hypocrisy. Freeland laments the lack of new construction, while her excessive red tape chokes the building industry. She claims to care about affordability, while implementing policies that drive costs ever higher. 

The Finance Minister is yet another classic Liberal – all talk, no action. Her words ring hollow as housing becomes increasingly out of reach for average Canadians.

After skyrocketing to crazy highs under Trudeau’s watch, Canada now has some of the least affordable housing among OECD countries. On his watch, investors and speculators got rich while regular home buyers got left in the dust.

His so-called “solutions” totally ignore the real causes of this crisis – out of control immigration drove up demand as restrictive zoning limited supply.

Growing our population at insane speed without building matching homes is a recipe for disaster. Record immigration under Trudeau fueled huge demand for urban housing. Yet he did nothing as municipal red tape choked new development.

The PM had years to tackle these issues. But again and again, he failed to take real action. Now after nearly a decade of Liberal rule, Canada’s in a bad spot. Without fast reforms, a whole generation could be locked out of the housing market for good.

The human impact of these failed policies can’t be overstated. Behind the statistics are real Canadian families struggling to survive in a brutal housing market stacked against them.

Young couples are forced to live in cramped basement apartments, putting off their dreams of having kids. Recent grads are spending 50, 60% of their paychecks just to rent someplace decent downtown. Seniors downsizing to tiny condos as housing costs eat up their retirement savings.

These heartbreaking stories are way too common after eight years of Trudeau’s directionless leadership. His lack of vision on housing will cost Canada big time for decades to come. An issue critical to our country’s future has been neglected way too long.

The time for half-baked measures and empty promises is done. Canadians demand real solutions to quickly expand housing supply and make it affordable again. That includes slashing red tape, incentivizing development, and slowing reckless immigration growth until we catch up.

Trudeau has shown he lacks the guts to institute these necessary reforms. His weak approach will just prolong Canada’s housing misery forever. After nearly a decade of drifting and delaying, it’s clear this Prime Minister just isn’t up to the huge challenge in front of us.

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