![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2021\/12\/james-beheshti-Xtp8aiBDahE-unsplash.jpg\")
<\/a>Photo: James Beheshti<\/a> \/ Unsplash<\/a><\/em><\/p>\nPrime Minister Justin Trudeau has proposed a variety of measures intended to stabilize Canada\u2019s housing market.<\/p>\n
In a\u00a0mandate letter<\/a>\u00a0issued to Ahmed Hussen, Canada\u2019s minister of housing and diversity and inclusion, Trudeau outlined a number of initiatives aimed at improving affordability and boosting supply, including the creation of a Fairness in Real Estate Action Plan.<\/p>\n The plan would include temporarily banning foreign homebuyers from purchasing non-recreational property \u201cso that housing does not sit vacant and unavailable to Canadians,\u201d and end the blind bidding process to provide more transparency in real estate transactions.<\/p>\n \u201cAs Minister of Housing and Diversity and Inclusion, your overarching goal is to help ensure Canadians can get a home of their own, through work to improve housing affordability and end chronic homelessness,\u201d Trudeau wrote.<\/p>\n <\/p>\n The Fairness in Real Estate Action Plan would also include a review of down payment requirements for investment properties and introduce an anti-flipping tax, requiring residential properties to be held for at least 12 months before reselling.<\/p>\n In addition, Trudeau noted the plan\u2019s intention to prevent \u201crenovictions\u201d and help federal policy makers respond to fluctuations in the housing market, as well as \u201cdeveloping policies to curb excessive profits in investment properties while protecting small independent landlords.\u201d<\/p>\n Earlier this week the Canadian Real Estate Association\u00a0reported\u00a0that the national average home price<\/a>\u00a0reached $720,850 in November \u2014 a year-over-year increase of 19.6 per cent \u2014 and is expected to climb to $739,500 in 2022.<\/p>\n In the letter, Trudeau also highlighted two housing priorities recently outlined in the throne speech. A new Housing Accelerator Fund will assist municipalities in boosting housing supply through increased density and reduced construction approval timelines, and a new rent-to-own program will help develop projects across the county.<\/p>\n