As a policy analyst I have a few ideas that the government could consider.
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Prohibit corporations from purchasing single family homes to rent out for profit. If not outright prohibit, charge 30-40% tax to owners who don’t reside permanently in the domicile.
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Limit the number of income rentals a Canadian Citizen or Permanent Resident can own at one time
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Implement a series of restrictions on foreign investors purchasing Canadian residential property. Put in almost punitive foreign buyers tax to disincentivize foreign ownership.
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Implemented regulations to have greater control on the real estate market and realtors. Put in sales requirements that mandate appropriate appraisals of homes relative to both economic conditions as well as proportionate value of the actual property.
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The increase or enhance tax benefits and credits for first time homeowners.
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Invest in support to the trades related to home building and property development.
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Better regulate the infrastructure for developers to ensure they are not able to gouge perspective home buyers by cutting corners on labor, meeting building codes or over valuing the property to line their pockets.
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Completely overhaul CMHC to help support people to buy a home instead of protecting Big Banks
Those are just a few ideas they could start with. I won’t even go into the issue of availability of homes in proportion to the population wink wink immigration levels.
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