Across the nation, Canadians are seeing the cost-of-living rise and struggling to find a safe, affordable place to call home. We’ve heard you, and we’re doing our part to increase the housing supply.
Over the summer, municipalities had the opportunity to apply to our $4 billion Housing Accelerator Fund (HAF). Through this fund, cities, towns, and Indigenous communities will receive incentive funding to reduce red tape in housing accessibility, increase the housing supply, accelerate project approvals, & more. Many cities have been encouraged to think outside the box, like in London, ON, where they are considering multiple residential units on a single property.
Through our Rental Construction Financing Initiative (RCFi), we’re stimulating the supply of purpose-built rental housing units for middle-income Canadians. In Newmarket, I had the opportunity to announce $77 million for phase 3 of the Deerfield Project to build 172 rental units on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure, and Communities. This investment builds on our $79 million investment for this project in 2020.
Other cities and towns have received similar funding, including:
- $14 million to build 46 residential units in Peterborough, Ontario
- $60 million to build 162 rental housing units in Gatineau, Québec
- $208 million to build 422 purpose-built rental homes in Vancouver, British Columbia
- $73 million to construct 233 residential rental homes in Toronto, Ontario
- $22.85 million to build 87 residential units in Winnipeg, Manitoba
- $23 million to build a residential building in Belleville, Ontario
- $46.5 million to construct 248 new rental units in Edmonton, Alberta and more.
We’re supporting young people by making it more accessible to save up for your first down payment. The First Home Savings Account (FHSA) is a tax-free account that lets you save up to $8,000 a year, up to a lifetime limit of $40,000, to save for your first house. When you are ready to purchase your first home, you can withdraw your savings tax-free. All contributions are tax-deductible.
With our Canada Greener Homes Initiatives, we’re taking steps toward our climate and environment goals. This initiative helps homeowners retrofit their houses with home insulation, windows and doors, heat pumps, and renewable energy systems as well as provides funding to affordable housing owners to complete deep energy retrofits.
Building more housing, including affordable housing, is a key part of making life more affordable and building an economy that works for all Canadians. Our government is working across orders of government to build a better future for all.
