Housing Minister Sean Fraser announced today (Feb 13, 2024) that the federal government is signing deals with over 60 small and rural communities to build much-needed housing. This initiative, worth $176 million, aims to create 50,000 new homes over the next decade.
How it works? The government’s Housing Accelerator Fund provides financial support to municipalities in exchange for streamlining regulations and processes that promote housing development. This approach aims to accelerate construction and address the housing shortage, particularly in smaller communities facing unique challenges.
More to come! This announcement builds on existing efforts. The government has already signed 36 agreements with larger municipalities, promising over 500,000 new homes in the next decade. This includes a recent $176 million deal with the city of Ottawa.
Overall impact: This initiative highlights the government’s commitment to tackling the national housing crisis, focusing on both large urban centers and smaller, often overlooked communities. With over 550,000 new homes planned across Canada, this investment aims to increase housing affordability and accessibility for Canadians nationwide.