Canada launches housing plan to focus on faster, cost-effective construction

Posted on April 22, 2024   |  

Canada's new housing plan aims to make housing more affordable and promote faster construction in the country.

It's called the most comprehensive plan ever seen in Canada and aims to build 3.87 million homes by 2031.

The plan is praised by the Canadian Federation of Rental Housing Providers (FRPO) for offering significant financial support for rental construction.

The plan includes adding $400 million to the Housing Accelerator Fund and creating a new $6 billion Canada Housing Infrastructure Fund.

Key initiatives include building affordable housing on government-owned lands and providing $15 billion in loans for new rental apartments.

Canada Builds, a joint effort, combines federal loans with provincial investments to build affordable homes on underused lands.

Other measures include support for Indigenous housing, protection against rent increases, extending mortgage terms, and funding for affordable housing initiatives.

Additionally, the plan launches the Canada Rental Protection Fund to safeguard affordable housing options.