PM Carney unveils immigration caps and housing reforms to address crisis

Prime Minister Mark Carney has announced comprehensive reforms to tackle Canada's housing crisis, including new restrictions on immigration and a $25 billion housing development initiative. The government plans to reduce temporary residents from 7.3% to under 5% of the population by 2027 while launching the "Build Canada Homes" program. The initiative includes GST cuts on certain new homes, reduced development charges, and investment in modular housing. Additionally, the government will remove internal trade barriers by July 1, with King Charles III set to deliver the throne speech on May 27.

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