Canada is actively addressing the housing issue
Officials report on progress and announce new programs.
Faced with a housing crisis, Canadian officials are trying not just to solve it, but to make sure it never happens again. The federal government and its partners recognize that this requires collaboration across departments, systemic research and innovative solutions.
In just two months of Fall 2023, the following accomplishments have already been made:
- measures have been taken to eliminate the tax on the construction of rental properties;
- allocated CA$ 20 billion to build up to 30,000 additional rental apartments per year;
- announced seven major agreements with municipalities through the Housing Acceleration Fund — totaling CA$ 4 billion;
- The interim results of the FHSA's program to open tax-free savings accounts for home purchases have been tallied — more than 250,000 Canadians have taken advantage of the offer since spring.
The federal government doesn't plan to stop there. Housing Minister Sean Fraser has announced another government investment in construction — this time as part of the fifth round of the Housing Supply Challenge.
It is allocated CA$ 65 million and will enable construction companies to implement system-level solutions. This means an increase in the rate of housing construction and the profitability of the process. The fifth round of the proven program also promises an innovation — an alliance of non-profit innovators in the field of public housing.
Fraser has pledged to invest another CA$ 18.1 million in a research initiative focused on homelessness (Action Research on Chronic Homelessness).
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