The federal government will support the development of thousands of new affordable housing units nationwide
Amid the persistent supply crunch in major Canadian urban markets, Prime Minister Justin Trudeau has announced a new $2 billion in investments towards the development of more affordable housing across the country.
The tranche will primarily go towards the development of 17,000 new homes, intended to fulfill the need for lower-cost housing in Canadian markets
“Over the past years and the past months, I’ve talked with many people who are worried about being able to afford a place to live,” Trudeau said in a press conference in Kitchener, Ontario. “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.”
Read more: Canada home prices – how far could they fall next year?
The funding will also support a new stream of the Affordable Housing Innovation Fund, with a new rent-to-own program opening opportunities for hopeful home owners. The 2022 federal budget has previously allocated $200 million towards a rent-to-own plan.
“When people have stable homes, they can build more stable lives,” Trudeau said. “We know that there is a need that is not going away anytime soon… We need to make sure we are rapidly creating more spaces for people to actually get that stability and that security.”
