Trudeau announces $2B investment to fix Canada’s housing supply, affordability issues
Trudeau announces $2B investment to address housing affordability, supply issues in Canada
Source: Zoe Demarco (Dailyhive)
Source: Craig Lord (Global News)
The Federal Government plans to spend $2 billion to create more affordable housing and supplies across the Canada.
At a press conference on August 30th in Kitchener Ontario, Prime Minister Justin Trudeau announced the investment, which includes funding from the 2021 and 2022 federal budgets.
Additionally, he announced a new five-year rent-to-own stream for the Affordable Housing Innovation Fund, for which developers interested in utilizing the model can now submit applications. A rent-to-own program will get $200 million from the federal budget for 2022.
“Housing should be more affordable for renters as well as owners,” Trudeau said. “I’ve talked with many Canadians who are worried about being able to afford a place to live.”
“This is as true for people looking to buy a home as for those who live in rental housing. We’re seeing prices going up across the country. We know we need to build supply and find innovative solutions.”
Photo Source: Liberal.ca/housing/
The Canadian government will continue the Rapid Housing Initiative for a third time as part of the $2 billion investment, adding 4,500 more affordable housing units and will include projects that support people experiencing or at risk of homelessness, as well as women-focused housing projects.
At least 10,800 housing units, including 6,000 affordable units, will be created through the Affordable Housing Innovation Fund to help address Canada’s supply gap.
“Tackling housing affordability is a complex problem and there is no one silver bullet, but announcements like today’s give more people a place to call home and a real and fair chance at success.”
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