Ottawa, Ontario - Department of Finance Canada
Today, as part of Canada's economic plan, the government announced further action to build more homes, faster, by supporting the construction of student housing.
Canada is home to some of the world's best higher learning institutions. Not only do they help provide skills for the future, they create jobs, and foster a young and dynamic community. But when students are unable to find a place to live on or near campus, they look to the nearby community, which can drive up rent and reduce the number of homes for everyone.
To help fix this, the Government of Canada will be offering low-cost loans to build more student housing on- and off-campus. By reforming the Apartment Construction Loan Program, we will help more students find housing they can afford close to where they study, and help ensure that there are more homes available for families who live in those same communities year-round.
These important steps to support the construction of student housing are just one piece of the government's economic plan that addresses housing challenges and boosts affordability. This measure is one of many reforms committed to in the 2023 Fall Economic Statement to unlock new home construction financing.
The federal government is also helping put homeownership back within reach. More than 500,000 Canadians have already opened a tax-free First Home Savings Account, which is helping people-especially young Canadians-get those first keys of their own. Tax-free First Home Savings Accounts allow Canadians to contribute up to $40,000 for their first downpayment-tax-free in; tax-free out. To find out how much you could save, visit the new tax-free First Home Savings Account calculator.
The federal government's economic plan is delivering significant progress to build more homes, faster. Through the $4 billion Housing Accelerator Fund, the federal government has signed 31 agreements with municipalities across the country to cut red-tape and increase Canada's housing supply. These 31 agreements will fast-track the construction of more than 500,000 new homes across Canada over the next decade, and more agreements are coming soon.
Today, as part of ongoing action to help make life more affordable and to stabilize prices for Canadians, the Minister of Innovation, Science and Industry is sending a letter to the Competition Commissioner emphasizing the additional powers the Government of Canada has put in place through the Affordable Housing and Groceries Act to protect and promote competition in Canada's retail grocery market. The Minister encourages the Commissioner to consider how best to deploy these new powers to ensure that the grocery market is operating in a manner that delivers maximum choice and competitive prices for Canadians.
