Feds Give Toronto $471 Million for Housing

In a bid to address the pressing housing demand in Toronto, Prime Minister Justin Trudeau announced on Thursday a significant investment of $471 million from the federal Housing Accelerator Fund. The funds are earmarked to expedite the construction of nearly 12,000 additional housing units within the next three years.

During the announcement in Toronto, Prime Minister Trudeau emphasized that the financial infusion aims to streamline the construction process by simplifying rezoning requirements, modernizing regulations, and updating outdated zoning rules. The initiative will also extend support to existing affordable rental programs and foster the development of homes in close proximity to transit infrastructure.

Trudeau highlighted the broader impact of this investment, foreseeing the construction of over 50,000 homes in the city over the next decade. The $4-billion Housing Accelerator Fund, a federal initiative, incentivizes municipalities to enact changes in bylaws and regulations favoring increased housing construction.

Related: Poilievre Accuses Fraser, Trudeau of Paying Off Mayors to Take ‘Credit for Housing that Was Already Going to Be Built’

Federal Housing Minister Sean Fraser, Toronto Mayor Olivia Chow, and other key stakeholders joined Trudeau for the funding announcement. Mayor Chow expressed optimism, labeling the agreement as a “hopeful new beginning” for a city grappling with over 10,000 people sleeping in shelters nightly.

Toronto’s application for the funding was submitted in June and revised in August, outlining eight initiatives geared towards creating more affordable housing. These measures include the development of city-owned land, expediting the delivery of affordable rental homes, expanding housing options, and simplifying planning approval processes.

With this announcement, Toronto becomes the latest municipality to secure federal support under the Housing Accelerator Fund, joining a total of 16 municipalities across the country. But despite this and other efforts, there still won’t be enough housing to supply the country’s surging population.

A recent note from BMO Capital Markets estimates that the country needs 170,000 houses every three months to meet demand. The population, driven largely by immigration, grew by a staggering net total of 430,600 just in the third quarter of this year. This rate of increase hasn’t been seen since 1958, despite the considerably smaller population at that time.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Telecom Giant Rogers Faces Call to Expropriate Vacant Properties for Affordable Housing

A local researcher in Toronto has ignited a push to expropriate a collection of mostly...

Friday, April 19, 2024, 08:05:22 AM

Toronto Faces Potential 10.5% Property Tax Hike, Hinging on Federal Refugee Support

Toronto residents are bracing for a possible 10.5% increase in property taxes, marking the largest...

Thursday, January 11, 2024, 01:34:00 PM

The Ballooning Toronto Condo Problem

Despite anticipated easing of interest rates later in the year, the Toronto real estate market,...

Monday, May 6, 2024, 10:14:24 AM

Canada’s Population Is Up 1.27 Million in 12 Months, and People Still Can’t Afford to Buy a House

Recent data reveals that Canada has seen a staggering increase of 2.87 million people over...

Monday, July 8, 2024, 10:05:00 AM

Homeownership Feels Out of Reach for Many Canadians

A new CIBC survey reveals that 76% of Canadians who don’t own a home feel...

Friday, April 12, 2024, 08:06:37 AM