Canada to allocate C$471 million to Toronto for housing growth

Posted on December 26, 2023   |  

The federal government of Canada will allocate C$471 million ($354 million) to assist Toronto in addressing housing challenges and easing shelter shortages.

This funding is part of a special C$4 billion fund aimed at encouraging cities to relax zoning rules, particularly those protecting single-family home neighborhoods.

Increasing housing prices, influenced by higher interest rates, a lack of accommodation, and rapid population growth, contribute to the existing housing pressures.

Toronto, with a population of around 3 million, faces unique challenges as the largest city in the country with a population of just over 40 million.

Last week, Ottawa planned to revive a post-World War Two strategy, emphasizing pre-approved home designs for quick and economical construction.