Prime Minister Justin Trudeau stated that the next federal budget will allocate an additional $15 billion to a program providing loans for constructing apartments, as part of his ongoing efforts to tackle the housing shortage in Canada. lack of housing as its increasing number of people living in an area.
The extra funding would increase the total amount available in the federal loan program to $55 billion, enabling it to support the construction of over 131,000 new apartments over the next ten years, according to the government.
The program will also undergo changes to extend the loan durations, broaden access for student and senior housing projects, and allow multiple projects to be funded simultaneously. The government also plans to expedite applications for experienced home builders.
Essentially, Trudeau is applying the approach used in the BC Builds program throughout the country. The BC Builds program, established in the western province of British Columbia, offers low-cost financing to speed up home construction and aims to reduce approval timelines for projects. BC Builds program across the country. That program, set up in the west coast province of British Columbia, provides low-cost financing to accelerate homebuilding and aims to shorten approval times for projects.
Trudeau has been making a series of announcements before the release of the budget on April 16, demonstrating that his government is taking action to address the high housing prices and insufficient supply in Canada. rising housing prices and limited availability of homes
- Ottawa to create $6 billion fund for infrastructure to construct homes
- Canada is constructing more homes than ever, but it is still not enough
- Movement of people between provinces contributes to the tight housing market in Calgary
On Tuesday, he unveiled a new $5 billion infrastructure fund that provinces could access, on the condition that they eliminate certain obstacles to home construction, such as freezing municipal development charges and permitting up to four units on each lot.
