As part of the federal government’s Budget 2024, the spotlight is being shone on housing and the current crisis facing many Millennial and Gen Zs who fear they will never be able to afford a home.
The feds say that for generations, one of the foundational dreams of Canada’s middle class was that if you found a good job, worked hard and saved money, you would be able to afford a home.
This is similar to the years following the Second World War, when soldiers came home from fighting overseas, unable to afford housing.
“Rising rents are making it hard to find an affordable place to call home and rising home prices are keeping homes out of reach for many first-time buyers,” reads chapter one of Budget 2024—more affordable homes.
“The ability of an entire generation of Canadians to achieve the promise of Canada is at risk, despite their sheer grit and hard work.”
As a part of Budget 2024, the plan to build more homes for the middle class and more affordable housing is a multi-faceted one.
The ultimate goal of the Canadian government is that no hard-working Canadian should spend more than 30% of their income on housing—be it renting or mortgage payments after putting a down payment on a home.
Building on bases
According to the Canadian government, they want to build 3.87 million new homes by 2031, just seven years from now.
To achieve this, the feds say they are relying on all levels of government to commit to the process and not hinder new homes being built.
One of the strategies the feds are employing is to build on underutilized military properties across the country, including CFB Esquimalt.
The Department of National Defence owns 622 properties across the country with a total of 2.2 million hectares.
Though these properties do provide housing and space to many members of the Canadian Armed Forces (CAF), much of this land is underutilized.
So, the Canadian government says they want to take some of this land and build homes for civilians on it, as well as build new homes for their CAF members.
This process is in the earliest stages, but the feds say they are currently exploring opportunities for redevelopment on military land in Greater Victoria.
