We're less than a week away from Election Day on April 28 and one of the biggest issues on the minds of voters is housing affordability. It went from being one of many issues in the 2015 election to one of the issues in the elections since then and it remains so this year, although it has taken a back seat to the economy.

The Liberal Party has been in power for 10 years and the housing crisis has gotten worse in that time. Was there anything they could have done to stop it or slow it? That's hard to say, considering governments across the globe are facing similar challenges, but it's understandable why some would like to see a different government try their hand after a decade of Liberal rule.

As is the case with all elections, the challenger has the luxury of being able to attack the incumbent's record without having to fend off attacks against their own. It can be tough to figure out what's fact and what's politicking during a heated election, so below is list of all the major actions the Liberal-led government has taken to address Canada's housing crisis, mapped out across their 10 years at the helm, with mile markers of the housing crisis.

October 2015

  • Oct 19: Led by Justin Trudeau, the Liberal Party wins the 2015 federal election and forms a majority government. (Party Platform)

January 2016

  • Jan 5: The Real Estate Board of Greater Vancouver reports that the region recorded 42,326 home sales in 2015, the highest annual total on record, and that the composite residential benchmark price increased by 18.9% to $760,900 from December 2014 to December 2015. (REBGV)
  • Jan 6: The Toronto Real Estate Board reports that the region recorded 101,299 home sales in 2014 in a record year that saw the average sale price increase by 9.8% to $622,217. (TREB)

March 2016

  • Mar 8: The Government of Canada sets a target of welcoming 300,000 new permanent residents for 2016, a year-over-year increase of 7.4%. (IRCC)

October 2016

  • Oct 2: Homeless Hub reports that 35,000 Canadians are homeless on a given night and that at least 235,000 Canadians experience homelessness in a given year. (Report)

April 2017

  • Apr 20: The Government of Canada announces the launch of the Rental Construction Financing Initiative, a $2.5 billion program that provides low-cost loans to support new rental construction. (Press Release)

November 2017

  • Nov 14: The Liberals say they are dropping their campaign pledge to waive GST on new rental construction. (Source)
  • Nov 17: Prime Minister Justin Trudeau unveils Canada's first-ever National Housing Strategy, a $40 billion plan to "protect the affordability of the current affordable housing stock in Canada, build four times as many units as the past decade, repair three times as many units as the past decade, and reduce chronic homelessness by 50%." (Press Release)
  • Nov 22: The Government of Canada announces that it will be introducing the Canada Housing Benefit, a $4 billion program launching in 2020 that "will provide an estimated average of $2,500 per year to each household recipient, assisting at least 300,000 families. (Press Release)

January 2018

  • Jan 3: The Real Estate Board of Greater Vancouver reports that although home sales decreased by 9.9% from 2016 to 2017, the composite residential benchmark price increased by 15.9% to $1,050,300. (REBGV)
  • Jan 4: The Toronto Real Estate reports that although home sales decreased by 18.3% from 2016 to 2017, the average sale price increased by 12.7% to $822,681. (TREB)

May 2018

  • May 2: The Government of Canada announces the launch of the $13.2 billion National Housing Co-Investment Fund that will see the federal government "have an active, sustained role in housing and draw upon up to $4.52 billion in contributions and $8.65 billion in low interest loans to ensure existing rental housing is well maintained and modernized for better energy efficiency and accessibility standards." (Press Release)

June 2018

  • Jun 11: The Government of Canada announces a redesigned homelessness strategy called Reaching Home that "will work toward a 50% reduction in chronic homelessness over the next 10 years." (Press Release)

Average asking rent in major markets in Canada between 2018 and 2023.Average asking rent in major markets in Canada between 2018 and 2023. / Zoocasa

February 2019

  • Feb 11: The Government of Canada announces the Federal Lands Initiative, "allocating $200 million through the National Housing Strategy to support the transfer of surplus federal properties to eligible proponents at heavily discounted rates or at no-cost to encourage the development of affordable housing." (Press Release)

March 2019

  • Mar 19: As part of Budget 2019, Prime Minister Justin Trudeau announces the First-Time Home Buyer Incentive that would "allow eligible first-time home buyers who have the minimum down payment for an insured mortgage to apply to finance a portion of their home purchase through a shared equity mortgage with Canada Mortgage and Housing Corporation." (Budget 2019)
  • Mar 19: As part of Budget 2019, Trudeau also announces an additional $10 billion for the Rental Construction Financing Initiative launched in April 2017. (Budget 2019)

October 2019

  • Oct 21: The Liberal Party loses the popular vote, but wins enough seats to form a minority government. (Party Platform)

March 2020

  • Mar 11: The World Health Organization declares COVID-19 a pandemic. (Announcement)
  • Mar 27: In response to the COVID-19 pandemic, the Bank of Canada cuts its policy interest rate from 0.75% to 0.25%, where it will stay for nearly two years. (Press Release)

October 2020

  • Oct 27: Prime Minister Justin Trudeau announces the launch of the $1 billion Rapid Housing Initiative "to create up to 3,000 new permanent, affordable housing units across the country." (Press Release)

January 2021

  • Jan 5: The Real Estate Board of Greater Vancouver reports that after a brief standstill as a result of the COVID-19 pandemic, the region's real estate market recorded 30,944 home sales in 2020, a 22.1% increase from 2019. The composite residential benchmark saw a year-over-year increase of 5.4% to $1,047,400. (REBGV)
  • Jan 6: The Toronto Real Estate Board reports that despite the COVID-19 pandemic, the region recorded 95,151 home sales in 2020, the third-highest total on record, and that the average sale price reached a new record of $929,699, a 13.5% increase from 2019. (TREB)

April 2021

  • Apr 19: As part of Budget 2021, the Government of Canada says it intends to "implement a national, annual 1 per cent tax on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused, effective January 1, 2022," in what would later be known as the Underused Housing Tax. (Budget 2021)

September 2021

  • Sept 20: After a snap election is called, the Liberals win another minority government. (Party Platform)

October 2021

  • Oct 26: Prime Minister Justin Trudeau introduces his new cabinet, naming Ahmed Hussen as Minister of Housing, Diversity, and Inclusion. (Press Release) (Mandate Letter)

Housing starts and building permit values in Canada between 2016 and 2022.Housing starts and building permit values in Canada between 2016 and 2022. / RSM Canada

February 2022

  • Feb 4: The Government of Canada appoints Marie-Josée Houle as Canada's first Federal Housing Advocate. (Announcement)
  • Feb 14: The Government of Canada says it aims to welcome 431,645 new permanent residents in 2022, 447,055 in 2023, and 451,000 in 2024. (IRCC)

March 2022

  • Mar 2: For the first time since March 2020, the Bank of Canada increases its policy interest rate, from 0.25% to 0.50%, beginning a cycle of increases that will last for over two years. (Press Release)

April 2022

  • Apr 7: As part of Budget 2022, the Government of Canada introduces the First Home Savings Account "that would give prospective first-time home buyers the ability to save up to $40,000" and be tax-free in and tax-free out. (Budget 2022)
  • Apr 7: As part of Budget 2022, the Government of Canada announces the creation of the Housing Accelerator Fund, a $4 billion program "that is flexible to the needs and realities of cities and communities, while providing them support such as an annual per-door incentive or up-front funding for investments in municipal housing planning and delivery processes that will speed up housing development." (Budget 2022)
  • Apr 7: As part of Budget 2022, the Government of Canada announces a $500 million Co-operative Housing Development Program "aimed at expanding co-op housing in Canada." (Budget 2022)
  • Apr 7: As part of Budget 2022, the Government of Canada announces that it intends to introduce "restrictions that would prohibit foreign commercial enterprises and people who are not Canadian citizens or permanent residents from acquiring non-recreational, residential property in Canada for a period of two years," which becomes known as the foreign buyer ban. (Budget 2022)
  • Apr 7: As part of Budget 2022, the Government of Canada announces "new rules so that any person who sells a property they have held for less than 12 months would be subject to full taxation on their profits as business income" to combat property flipping. (Budget 2022)
  • Apr 7: As part of Budget 2022, the Government of Canada announces that it will be topping up the Canada Housing Benefit with $475 million. (Budget 2022)
  • Apr 7: As part of Budget 2022, the Government of Canada announces a Multigenerational Home Renovation Tax Credit that would "provide up to $7,500 in support for constructing a secondary suite for a senior or an adult with a disability." (Budget 2022)
  • Apr 7: As part of Budget 2022, the Government of Canada announced that it will engage with provincial governments to implement a national Home Buyers' Bill of Rights. (Budget 2022)

June 2022

  • Jun 23: The CMHC publishes a report saying that on top of its current rate of construction, Canada needs an additional 3.5 million homes in order to restore affordability by 2030. (CMHC)

January 2023

  • Jan 1: The foreign buyer ban comes into effect. (CMHC)

March 2023

July 2023

  • Jul 18: The Government of Canada announces $212 million towards the Interim Housing Assistance Program that "provides funding on a cost-sharing basis to provinces and municipalities for the costs of interim housing for asylum claimants." (Press Release)
  • Jul 26:Sean Fraser is named Minister of Housing, Infrastructure, and Communities — replacing Ahmed Hussen — after previously serving as Minister of Immigration, Refugees, and Citizenship. (Press Release)

September 2023

November 2023

December 2023

  • Dec 20: RBC publishes a report finding that the pool of Canadian homebuyers that can afford to buy an average condo has plummeted from 60% in 2019 to 45% in 2023. Only 26% can afford a single-family home. (RBC)

Home prices from January 2005 to January 2024. Home prices from January 2005 to January 2024. / CREA

January 2024

  • Jan 31: The Government of Canada announces an additional $362.4 million for the Interim Housing Assistance Program. (Press Release)

February 2024

March 2024

April 2024

  • Apr 2: Previewing Budget 2024, Prime Minister Justin Trudeau announces that the Government of Canada will be topping up the Housing Accelerator Fund with $400 million. (Press Release)
  • Apr 2: Previewing Budget 2024, Trudeau also announces the creation of a $6 billion Canada Housing Infrastructure Fund "to accelerate the construction and upgrading of critical housing infrastructure" and "support the construction of more homes." (Press Release)
  • Apr 4: Previewing Budget 2024, Trudeau announces the creation of a $1.5 billion Canada Rental Protection Fund to "protect affordable housing and create thousands of new affordable apartments." (Press Release)
  • Apr 5: Previewing Budget 2024, Trudeau announces the creation of a $50 million Homebuilding Technology and Innovation Fund to "support the scale-up, commercialization, and adoption of innovative housing technologies and materials, including for modular and prefabricated homes." (Press Release)
  • Apr 5: Previewing Budget 2024, Trudeau announces that the Government of Canada will be topping up the Apartment Construction Loan Program with another $500 million. (Press Release)
  • Apr 5: Previewing Budget 2024, Trudeau announces that the Government of Canada will be launching a Housing Design Catalogue to "standardize up to 50 efficient, cost-effective, and liveable home blueprints." (Press Release)
  • Apr 24: As part of Budget 2024, the Government of Canada injects another $117 million into the Federal Lands Initiative. (Press Release)
  • Apr 24: As part of Budget 2024, the Government of Canada announces the creation of a Public Land Bank "to help homebuilders more easily identify and navigate public lands" and make that underutilized land available for housing. (Press Release)
  • April 24: As part of Budget 2024, the Government of Canada announces it is creating a $500 million Public Lands Acquisition Fund to "buy land from other orders of government to help build middle-class homes." (Press Release)

June 2024

July 2024

  • Jul 17: Prime Minister Justin Trudeau announces the creation of a $30 billion Canada Public Transit Fund to "expand public transit and make it more accessible across the country" and "transform the way we deliver transit funding to communities across the country," with funding tied to transit-oriented housing development.(Press Release)

August 2024

  • Aug 25: The Canada Public Land Bank is launched with an initial set of 56 properties across Canada. (Press Release)

Canada's immigration targets from 2015 to 2026.Canada's immigration targets from 2015 to 2026. / RBC Thought Leadership

October 2024

  • Oct 24: The Government of Canada announces that it is reducing its immigration targets down from 500,000 to below 400,000 for the next three years. The pressure on housing is cited as one of the reasons. (Press Release)

November 2024

December 2024

  • Dec 16: Sean Fraser announces that he's stepping down from the cabinet as Minister of Housing, Infrastructure, and Communities and will not be seeking re-election.
  • Dec 20: Prime Minister Justin Trudeau announces a cabinet shuffle that sees Nate Erskine-Smith appointed Minister of Housing, Infrastructure, and Communities. (Press Release)

January 2025

  • Jan 6: Prime Minister Justin Trudeau announces that he will be stepping down. (Announcement)

March 2025

  • Mar 3: The Government of Canada announces the first agreement under the Canada Housing Infrastructure Fund with $209.8 million for the Government of Manitoba. (Press Release)
  • May 7: The Government of Canada publishes the Housing Design Catalogue announced in April 2024. (Press Release)
  • Mar 7: The Government of Canada announces the launch of the Canada Rental Protection Fund, opening up applications. (Press Release)
  • Mar 9: Mark Carney is elected as Leader of the Liberal Party of Canada. (Press Release)
  • Mar 14: Mark Carney is sworn in as Prime Minister. (Press Release)
  • Mar 23: Prime Minister Mark Carney asks the Governor General to dissolve parliament and calls for an election. (Statement)

April 2025

  • Apr 28: Election Day.
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