3.06.08 - “A re-elected Liberal government will […] [i]nvest $4 billion in a new Housing Accelerator Fund which will grow the annual housing supply in the country’s largest cities every year, creating a target of 100,000 new middle class homes by 2024-25. “
$4 billion had been invested through Budget 2022, but the Economic Statement specifies that the program’s total contribution (101,000 new homes) will only be financed between now and 2031-2032. This means that the target of 100,000 new homes will not be reached by 2024-2025.
“To build more rental apartments, faster, the 2023 Fall Economic Statement announces an additional $15 billion in new loan funding, starting in 2025-26, for the Apartment Construction Loan Program, bringing the program’s total to over $40 billion in loan funding. This investment will support more than 30,000 additional new homes across Canada, bringing the program’s total contribution to over 101,000 new homes supported by 2031-32”
“Over the past year, the federal government has taken significant steps towards making housing more affordable for Canadians. These have included: // Launching a new $4 billion Housing Accelerator Fund to remove barriers and incentivize housing supply growth, with the goal of creating at least 100,000 net new homes across Canada”
Funding is secured, but the 100,000 new homes are not yet built.
“Budget 2022 proposes to provide $4 billion over five years, starting in 2022-23, to the Canada Mortgage and Housing Corporation to launch a new Housing Accelerator Fund. The fund will be designed to be flexible to the needs and realities of cities and communities, and could include support such as an annual per-door incentive for municipalities, or upfront funding for investments in municipal housing planning and delivery processes that will speed up housing development. Its focus will be on increasing supply, but government supports will be targeted to ensure a balanced supply that includes a needed increase to the supply of affordable housing”
“The Large/Urban Stream of the Housing Accelerator Fund provides incentive funding to local governments. The funding is meant to remove barriers and support the development of affordable, inclusive, equitable and climate-resilient communities”