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.
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.
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.