The government unveiled a multi-pronged approach to housing affordability that centres on the incentive plan, but beefs up an existing initiative that allows buyers to withdraw money from their RRSPs, and a variety of measures to boost the supply of homes on the Canadian market.

Opposition MPs and the real estate industry have been pleading with the government to do something to help younger buyers shut out of markets in cities such as Toronto and Vancouver. Some have suggested relaxing the mortgage stress test, which requires those seeking a loan to prove they can afford payments on a loan with interest rates two percentage points higher than the Bank of Canada rate, as a possible solution.

Finance Minister Bill Morneau said the government…

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