Trudeau stops in Hamilton, announces plan to 'unlock home ownership'

Justin Trudeau stopped in Hamilton on Tuesday, announcing a list of new measures meant to help Canadians "unlock home ownership."

Standing in an Ancaster subdivision, the Liberal leader shared details of a three-point plan, including a "rent-to-own" program with $1 billion in new funding that the party says will "create a pathway for renters in five years or less."

The plan outlines billions of dollars in new funding, with steps to stop people "flipping" homes, efforts to bar foreign nationals from buying homes for two years and new regulatory measures targeting exploitative real estate agents.

"If you work hard, if you save, that dream of having your own place should be in reach," Trudeau told a crowd of supporters.

"You shouldn't have to move far away from your job or school or family to afford your rent. You shouldn't lose a bidding war on your home to speculators. It's time for things to change."

The announcement came amid a red-hot housing market in Hamilton and across the country that's pricing out many who can't afford to keep up with rising costs.

High demand and limited inventory continue to drive the market locally, according to the Realtors Association of Hamilton-Burlington.

Statistics collected by the association show the average price for a residential property in the area hit $847,104 last month, a 22 per cent jump year-over-year.

Lisa Hepfner, who's running for the Liberals on Hamilton Mountain, said the skyrocketing cost of housing is a major issue raised by residents when she's out door-knocking.

"People don't know how their kids are ever going to afford a home," she said, pointing to the plan Trudeau announced as a way to work toward a solution.

Questions about housing along LRT

The Liberal leader also promised to "build, preserve, or repair 1.4 million homes" over four years to increase supply.

When asked whether any of those homes would be along Hamilton's LRT corridor, a condition his own government said must be met before the city could access billions in federal funding for the project, Trudeau did not answer directly.

"We are there with a very ambitious national housing strategy and even more investments now, that we're announcing that are going to help more people in Hamilton and right across the country get into new homes and own their homes," he said.

"Our investments in public transit, our investments in affordable housing will continue."

The conditions for the project were mentioned by Catherine McKenna, who served as federal minister of infrastructure and communities, but has since said she won't run for re-election, while announcing a joint $3.4 billion investment in the project, along with the province.

Part of the deal, McKenna said at the time, will involve conditions such as affordable housing and community benefit agreements, though more specific details on what exactly they will look like have not been shared.

A 'golden opportunity' for affordable housing

Longtime Ward 5 councillor Chad Collins has taken a leave from council to run for the Liberals in Hamilton East–Stoney Creek.

In the past, he's pushed the previous Liberal government for more funding to build affordable housing in Hamilton, including calling for more support cutting down the city's growing waitlist after a federal investment of $10.8 million last year.

"We'll take anything and everything we can get from higher levels of government, and I think we're all very thankful that we received the funding," he said at the time. But the city is "still waiting for a much larger investment."

Collins has been an opponent of the LRT project, but said after the announcement Tuesday that he believes there's "room for affordable housing" along the corridor, even describing it as a "golden opportunity."

That said, the properties around the McMaster-to-Eastgate Square line are currently owned by the province, so some sort of agreement would have to be worked out in order for the federal government to get involved.

"They've hinted at private investment along the line," Collins said of the province, adding he hopes they "would be made available ... not just to private operators, but not-for-profit operators who might be interested in housing project."