Far too many Canadians - particularly young Canadians - are struggling to find homes they can afford. Canada's new government is stepping up with a bold new approach and unprecedented investments to increase the supply of affordable housing in Canada.
Today, the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, highlighted the federal government's launch of Build Canada Homes-a new federal agency to build and finance affordable housing at scale. Build Canada Homes will become the federal government's new one-stop-shop for affordable housing.
As responsibility for affordable housing programs moves to the Build Canada Homes, Minister Robertson also announced a top-up of $1.5 billion in loans to the Affordable Housing Fund's New Construction Stream. Additionally, the Affordable Housing Fund's Rapid Housing Sub-Stream will be accelerated, by pulling forward $385 million in funding from future years.
This funding will be delivered by Canada Mortgage and Housing Corporation (CMHC), to ensure that affordable housing projects have the support they need during the transition. As Build Canada Homes ramps up, CMHC will continue to deliver these programs to ensure there are no gaps in service.
These transitional measures will lead to thousands of affordable housing units being built, bringing the total federal investment in the Fund to approximately $16 billion. The top-up will support the quick building of these new affordable homes, prioritizing projects that are shovel-ready and in the existing pipeline of applications.
To address the challenges Canadians are facing and to accelerate the supply of housing, Canada's new government launched Build Canada Homes. The new federal agency will accelerate public-private co-operation and modern methods of construction as it catalyzes the growth of Canada's housing industry. Build Canada Homes will partner with industry, other orders of government, and Indigenous communities to build affordable housing at scale and at speed.
Build Canada Homes will help fight homelessness by building transitional and supportive housing - working with provinces, territories, municipalities, and Indigenous communities. It will build deeply affordable and community housing for low-income households, and partner with private market developers to build affordable homes for the Canadian middle class.
The launch of Build Canada Homes, its initial investments and the top-up to the Affordable Housing Fund are part of the government's broader effort to double the pace of housing construction over the next decade. These efforts will ensure that communities across Canada benefit from more affordable housing and a stronger, more sustainable housing system.
