Karandeep-Ottawa, Ontario, Nov22, 2024: Prime Minister Justin Trudeau issued a statement today on National Housing Day, acknowledging the ongoing challenges facing Canada’s housing market and outlining the federal government’s efforts to address the crisis.
“Canada’s housing market has not been working for years,” said Prime Minister Trudeau. “The cost of building homes is too high, and the time it takes to complete projects is too long.”
The Prime Minister emphasized the government's commitment to addressing these issues by streamlining the housing construction process. The Housing Accelerator Fund, a key initiative, aims to speed up housing development by partnering with municipalities to reduce red tape, accelerate approval processes, and support greater density around transit hubs and schools. Trudeau highlighted that 178 agreements have been signed across the country, fast-tracking over 750,000 homes, with additional funding to build 12,000 more.
The government is also taking steps to improve affordable housing availability through the Affordable Housing Fund, which supports both new builds and the renovation of existing homes. Additionally, the Apartment Construction Loan Program is assisting builders in meeting Canada's growing housing needs. To help first-time homebuyers, the Home Buyers’ Plan has been enhanced to allow for faster savings towards down payments. The federal government is also working to protect renters through the introduction of a Blueprint for a Renters’ Bill of Rights, which aims to prevent unfair rent hikes, renovictions, and other abuses.
Efforts to combat homelessness are also underway, with the Reaching Home strategy offering supportive services to reduce chronic homelessness across the country.
“All of these initiatives are part of Canada’s comprehensive Housing Plan,” said Trudeau. “We’re making significant strides, but there’s still more work to be done.”