Canada to double construction to meet housing needs
Key initiatives announced by the government
On August 30, 2022 Prime Minister, Justin Trudeau, announced that an investment of over $2 billion will be made to support three key initiatives to help create 17,000 homes for families across the country. How much will Mississauga stand to gain from these initiatives is not clear at present, but it is good to see government action on an issue that is affecting Canadians from coast to coast. We have already discussed how home affordability is a big concern for Ontario and the rest of Canada in our last blog post.
“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.” The Rt. Hon. Justin Trudeau, Prime Minister of Canada.
“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.” The Hon. Ahmed Hussen, Minister of Housing and Diversity and Inclusion.
The initiatives will also include thousands of affordable housing units.
This investment will come out of the 2021 and 2022 Budget and will be used to:
- Create 4,500 additional affordable housing units by extending the Rapid Housing Initiative.
- This will include projects to support those who are or are at risk of homelessness, as well as women-focused housing needs.
- Creating at least 10,800 housing units with 6,000 affordable units through the Affordable Housing Innovation Fund.
- 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.
Applications from institutions, municipalities, builders etc. are being accepted for both the Affordable Housing Innovation Fund and its new rent-to-own stream. Rent-to-Own applications are not for individuals.
These initiatives will add to the commitment and progress made by the Government of Canada to help address the housing supply and affordability issues across the country. Government initiatives like the Rapid Housing Initiative have helped more than 1.2 million Canadians find a home to date.
Such government investments also help grow Canadian economy by creating jobs in the housing and construction sectors.
How much of it benefits Mississauga or other parts of the GTA remains to be seen. Regardless, it is an effort in the right direction in terms of the bigger picture.
Related Blog Post:
Rent to Own Homes and Condos