KITCHENER, Ontario – Prime Minister, Justin Trudeau, today announced a major investment of over $2 billion to support three key initiatives that, together, will help create nearly 17,000 homes for families across the country, including thousands of affordable housing units.
This investment, which includes funding from Budget 2021 and Budget 2022, will go toward:
- Creating 4,500 additional affordable housing units by extending the Rapid Housing Initiative for a third round. This will include women-focused housing projects and projects supporting those experiencing or at risk of homelessness;
- Creating at least 10,800 housing units, including 6,000 affordable units, through the Affordable Housing Innovation Fund, which encourages new funding models and innovative building techniques in the affordable housing sector; and
- Creating a new, five-year rent-to-own stream under the Affordable Housing Innovation Fund to help housing providers develop and test rent-to-own models and projects, with the goal to help Canadian families across the country transition from renting to owning a home.
Making life more affordable for Canadian families starts with making housing more affordable. Everyone deserves a safe and affordable place to live and raise their families, but Canadians are finding it challenging to find one. That’s why we are making historic investments to put Canada on the path to double housing construction and meet our housing needs over the next decade.
Applications are being accepted as of today for both the affordable housing innovation fund and its new rent-to-own stream. As part of their application, candidates will be required to demonstrate their commitment to innovation, affordability, and financial sustainability.
“When people have a home of their own, whether they rent or they own, they are better able to invest in themselves, and invest in their communities. Our government understands that it is only by investing in people, that we can grow our economy. Tackling housing affordability is a complex problem and there is no one silver bullet, but announcements like today’s give more people a place to call home, and a real and fair chance at success”, said prime minister Trudeau.
These initiatives build on the significant progress the government of Canada has already made to increase housing supply and build more affordable housing for people from coast to coast to coast. To date, the government has helped more than 1.2 million Canadians find a place to call home, including through the Rapid Housing Initiative. These investments are also growing our economy and creating good middle-class jobs in the housing and construction sectors.
“Housing affordability is key to strengthening the middle class and those working hard to join it. Our government is investing in proven and innovative programs to alleviate housing gaps today and into the future. This will help promote inclusive growth and lift more Canadians out of poverty,” said, Ahmed Hussen, minister of housing and diversity and inclusion.