Shafqat Ali, Member of Parliament for Brampton Centre, hailed the announcements as transformative measures to address housing challenges
In a bid to accelerate the construction of much-needed housing across Canada, the federal government has announced a significant injection of $15 billion into the Apartment Construction Loan program. This top-up supplements the $15 billion previously earmarked for the fund, reflecting the government’s commitment to addressing the housing crisis gripping the nation.
The Prime Minister’s Office highlighted the transformative impact of this funding boost, projecting the construction of over 131,000 new apartments within the next decade. Alongside the financial reinforcement, Ottawa has introduced reforms to enhance the effectiveness and accessibility of the program.
These reforms include extended loan terms, expanded eligibility criteria to encompass students and seniors, a portfolio approach enabling developers to advance multiple projects concurrently, and a frequent-builder stream aimed at expediting applications for experienced builders.
Additionally, the government unveiled the Canada Builds initiative, modeled after the successful B.C. Builds program, which will provide matching funds to provinces and territories embarking on their own housing initiatives. This collaborative effort aims to spur the development of rental housing nationwide, further bolstering Canada’s housing stock.
Shafqat Ali, Member of Parliament for Brampton Centre, hailed the announcements as transformative measures to address housing challenges. With a focus on modernizing communities and fostering fairness in the housing market, the initiatives outlined in Budget 2024 signal a proactive approach to housing development and affordability.
The Apartment Construction Loan program, administered by the Canada Mortgage and Housing Corporation, stands as a crucial tool in the government’s efforts to alleviate housing shortages and provide Canadians with safe and affordable housing options. As the nation grapples with housing affordability concerns, these initiatives represent a significant step towards building more homes, revitalizing communities, and creating a fairer housing landscape for all Canadians.