Government of Canada updates National Housing Plan
The federal government announced a series of housing measures in the week leading up to the April 16 tabling of Budget 2024. These measures provide an update to the Government of Canada’s National Housing Strategy, which was first released in 2017.
The measures include new tax incentives, investment in the housing and construction sectors, and more than a billion dollars to address homelessness. With this announcement the federal government seems intent on playing a leadership role to increase housing stock across the country.
Measures outlined in the plan include:
- $15 billion in loans to build 30,000 new rental apartments
- $6 billion for the Canada Housing Infrastructure Fund to expedite housing infrastructure construction and upgrades
- $1.5 billion for the Co-operative Housing Development Program
- An additional $1 billion for the Affordable Housing Fund and a new Rapid Housing Stream
- $1 billion over three years for the Affordable Housing Fund in supports for non-profit, co-op, and public housing providers
- $1 billion over four years to stabilize funding for the Reaching Home Program, including $250 million to address encampments
- $903 million to support existing energy efficiency programs
- $400 million in additional funding for the Housing Accelerator Fund to fast-track an additional 12,000 new homes in the next three years
- A Canada Builds Program to encourage construction on government, non-profit, community-owned, and underused lands
- A Canada Secondary Suite Loan Program, allowing homeowners to access up to $40,000 in funding in exchange for constructing a secondary suite
- Developing a Canadian Renters’ Bill of Rights.
