The parliamentary budget officer says Canada would need to build 1.3 million additional homes by 2030 to eliminate the country's housing gap. The newly released report looks at how many more homes would need to be built restore Canada's vacancy rate to the historical average. The report by Yves Giroux also accounts for the number of additional households that would form if sufficient housing were available. Based on those benchmarks, the PBO estimates that Canada would need to build 181,000 more homes a year than it currently does. The report does not take into account recent federal efforts t

The Canadian government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes. Finance Minister Chrystia Freeland made the announcement in Toronto today, saying it would take effect Aug. 1. The Canadian Home Builders' Association has advocated for longer amortization periods, saying five more years would help with affordability and spur more construction. Freeland also said the government will nearly double to $60,000 the amount first-time homebuyers can withdraw from RRSPs to buy a home. That's up from $35,000, to take effect April

Prime Minister Justin Trudeau is expected to testify today at an inquiry into foreign meddling in Canada's last two elections. The inquiry has already heard that China and other state actors attempted to interfere, but there has been little evidence so far to indicate whether they were successful. Trudeau has maintained over the last year that foreign interference had no meaningful impact on Canada's free and fair elections, which echoes what senior government officials have told Parliament. Several members of Trudeau's cabinet are also slated to testify, including government House leader Kari

Here is a roundup of stories from The Canadian Press designed to bring you up to speed on what you need to know today...BoC expected to hold policy rate at 5% today The Bank of Canada is set to announce its interest rate decision this morning. It's widely expected to maintain its key interest rate at five per cent, but economists will be watching for any hints about the timing of upcoming rate cuts. Forecasters expect the central bank to begin lowering its key rate in June as the economy continues to slow and inflation trends lower. High interest rates have slowed demand in the economy as co

Conservative Leader Pierre Poilievre is challenging Prime Minister Justin Trudeau to defend his carbon pricing policy in a televised "emergency meeting" with the country's premiers. The Conservatives tabled a motion this morning which demands that Trudeau sit down with provincial and territorial leaders within five weeks. MPs are expected to vote on the motion tomorrow. Poilievre says he believes Trudeau is "too scared" to hold the televised meeting because he knows the Liberal government is losing the carbon pricing debate. The Conservatives insist the carbon price is making life less afforda

Ottawa is setting up a $500-million fund to help community health organizations provide more mental health care to young people. Finance Minister Chrystia Freeland is making the announcement in Ottawa alongside other cabinet ministers. During the 2021 election campaign, the Liberals promised a similar fund for post-secondary institutions to help with the mental health of students. The fund marks the latest in a string of campaign-style, pre-budget announcements from the Liberal government. Prime Minister Justin Trudeau says the budget will be focused on young people particularly on helping the

Former President Donald Trumpsaid he believesabortionshould be left to the states in a video released Monday morning outlining his position after months of mixed messages and speculation. “Many people have asked me what my position is on abortion and abortion rights," Trump said in the video posted on his Truth Social site. “My view is now that we have abortion where everybody wanted it from a legal standpoint, the states will determine by vote or legislation or perhaps both. And whatever they decide must be the law of the land in this case, the law of the state." Trump, in the video, did

A total solar eclipse is set to fall over parts of eastern and central Canada today, prompting massive crowds to gather in its path for a chance to catch a glimpse of the rare celestial event.The path of totality, where the sun goes directly behind the moon, will first cross through southwestern Ontario around 3:15 p.m. and move east through Quebec and Atlantic Canada before exiting Newfoundland around 3:45 p.m. eastern time.Cities and towns along the path have braced for their populations to swell with eclipse chasers, with Ontario's Niagara region declaring a preemptive state of emergency.Bu

The federal Liberal government plans a $600-million package of loans and funding to help make it easier and cheaper to build homes for owners and renters. Prime Minister Justin Trudeau is making the announcement in Calgary, just the latest in a string of pre-budget announcements aimed at winning over younger voters. Trudeau says $50 million will go toward a homebuilding technology and innovation fund, with another $50 million to modernize and expedite construction. An additional $500 million worth of low-cost loans will foster projects with "innovative" construction techniques from prefabricat