Trudeau Reveals Housing Deal In Vaughan For Over 1,700 New Units

Justin Trudeau’s Liberal government has declared that the federal government has struck a deal with the city of Vaughan, Ontario, aiming to expedite the construction of over 1,700 new housing units. This initiative aligns with the government’s broader plan to stimulate the creation of thousands of additional homes within the next three years.

This collaboration with Vaughan falls under the umbrella of the national housing accelerator fund. This $4-billion program, which was unveiled in the spring 2022 federal budget, only began accepting applications in July. Vaughan will receive an injection of more than $59 million from the federal government. The allocated funds aim to dismantle existing barriers impeding housing construction.

Key elements of the plan include fostering high-density developments in areas adjacent to public transit, emphasizing the construction of apartments and affordable homes, and revamping antiquated permitting procedures. A noteworthy amendment on the horizon is Vaughan’s impending alteration of a zoning bylaw. This change will greenlight the construction of up to four residential dwellings on a single lot.

It’s worth highlighting that Vaughan isn’t the first to capitalize on the national housing accelerator fund. Last month, the city of London, Ontario, proudly became the inaugural Canadian city to pen a deal under this promising initiative.

Information for this story was found via BNN Bloomberg and 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.

Leave a Reply