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Apartments under construction.

Feds Launch New Housing Plan

The federal government has unveiled a new multi-billion-dollar housing plan in advance of next week’s budget release.

The plan’s aim is to develop 3.87 million new homes by 2031. Ottawa is also calling on all other levels of government to build at 800,000 additional home in that time frame.

Prime Minister Justin Trudeau, Deputy Prime Minister Chrystia Freeland and Housing Minister Sean Fraser announce the plan Friday in Vaughan, Ont. The plan includes billions of dollars worth of investments tied to multi-family real estate projects.

But some new components are included. Ottawa plans to provide more public lands for affordable housing development. The federal government will continue to own the lands but lease them out on a long-term basis.

A new $1.5-billion co-op housing development program will also be created. The federal government is also adding $1 billion to an existing program that provides loans for new affordable housing projects and repairs to existing affordable housing structures.

The measures will be included in the federal budget to be tabled in the House of Commons on Tuesday.

They include:

  • A Renters’ Bill of Rights.
  • The new $6-billion Housing Infrastructure Fund to accelerate the construction, or upgrade, essential infrastructure tied to home development.
  • A $15-billion top-up of the Apartment Construction Loan Program.
  • A new $1.5-billion Canada Rental Protection Fund to preserve more rental homes.

Ottawa will also provide $100 million for homebuilding technology expansion. Half will be earmarked for the adoption of new homebuilding materials and methods.

The remaining 50% will be put toward projects that already use new technologies and methods.


Inside The Story

Prime Minister's OfficeSean Fraser

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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