Prime Minister Justin Trudeau has announced the official launch of the Housing Accelerator Fund, a $4B initiative to help bolster housing supply across Canada. realestate realestatenews housing housingsupply Canada
, a $4B initiative to help bolster housing supply across Canada., will provide funding for local governments to fast track the creation of 100K new middle class homes across Canada by 2024-2025.
“Canada has the fastest growing population in the G7, but our housing supply hasn’t kept up with demand,” Trudeau said. “The Housing Accelerator Fund will help local governments cut red tape and backlogs, build the housing we need, and give more people in Canada a safe and affordable place to call home.”
To access funding, municipal and Indigenous governments are required to submit an action plan that details their commitment to a housing supply growth target, outlines the specific initiatives they will undertake in order to increase housing supply and speed up approvals, and aligns with the feds’ priorities of creating dense, affordable, inclusive, and diverse communities.will open in June, and local government are encouraged to begin preparing their action plans now.
Eligible initiatives include fixing outdated permitting systems, introducing zoning reforms to build more density, and incentivizing development close to public transit. Funding will be provided both upfront to support implementation as well as upon the delivery of results. “We recognize that the key to increasing housing affordability is to boost the supply of homes available to Canadians,” said Ahmed Hussen, Minister of Housing and Diversity and Inclusion. “By partnering with local governments, this fund will enable us to create long-term systemic changes in our housing system and make a tangible impact in increasing housing supply.”.
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