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Canada  + Pacific Canada  + Multi-residential Housing  | 
The federal government will crack down on short-term accommodation rentals, the Toronto Star reported.

Feds to Invest $15B in Apartment Construction Loans

The federal government will invest an additional $15 billion in new rental-housing development loans, starting in 2025.

The funds will be supplied under the new Apartment Construction Loan program. Ottawa will also crack down on short-term rentals in areas. Finance Minister Chrystia Freeland announced the moves in her fall budget update Tuesday in the House of Commons.

The additional loan funding comes after the feds provided $4.1 billion in loans through the  Rental Construction Financing Initiative (RCFi) between November 14-17.

The funding included $925 million for 20 projects in Montreal and $500 million in approximately 1,400 purpose-built rental homes in Metro Vancouver.

The federal STR crackdown comes after Freeland signalled it in recent weeks. Federal officials leaked some details to the Toronto Star and Globe and Mail in the days leading up to Tuesday’s announcement.

B.C. and other provincial and local governments are also tightening STR restrictions to offset Canada’s chronic rental-housing shortage. But Airbnb and the Conference Board of Canada maintain that STRs have minimal impact on the permanent multi-residential property inventory.

Nathan Rotman, Airbnb’s Canadian leader, called for STRs to be regulated locally in an interview with Connect.


Inside The Story

Chrystia FreelandNathan Rotman

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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