Canada will spend $2 billion CAD to build houses
The project includes affordable housing.
Prime Minister Justin Trudeau announced a major investment of more than $2 billion CAD to support three key initiatives that together will help create nearly 17,000 homes for families across the country, including thousands of affordable housing units:
"We're making a major investment in building nearly 17,000 homes, most of which will be affordable."
The investment will be used to meet three objectives:
- 4,500 additional units of affordable housing through the extension of the Rapid Housing Initiative, including housing projects targeting women and supporting the homeless;
- the emergence of at least 10,800 housing units (of which 6,000 are affordable housing units), through the Affordable Housing Innovation Fund, which encourages new financing models and best practices in construction;
- creating a new five-year rent-to-own stream to help Canadian families across the country move from rental properties to ownership.
To his statement, Trudeau added: "Our government understands that it is only by investing in people, that we can grow our economy. Tackling housing affordability is a complex problem and there is no one silver bullet, but announcements like today’s give more people a place to call home, and a real and fair chance at success."
The innovations will be part of Canada's National Housing Strategy, an ambitious 10-year plan to invest more than $72 billion CAD to give more Canadians a home. Since the program launched in 2017, the government has allocated more than $26.5 billion CAD to support the creation of more than 106,100 units and the renovation of more than 254,600 housing units.
