Canada Government Unveils 37 New Housing Initiatives

Canada Government Unveils 37 New Housing Initiatives
April 16, 2024

The Canadian government has unveiled a comprehensive plan to address housing affordability concerns. The plan, outlined in their report "Solving the Housing Crisis, Canada's Housing Plan," includes 37 initiatives across various areas:


  • Increased annual limit for Canada Mortgage Bonds for low-cost financing.
  • New Canada Secondary Suite Loan Program for homeowners to add secondary suites.
  • $15 billion in loans for Apartment Construction Loan Program.
  • Program changes to ease construction and accelerate projects.
  • Low-cost loans to build above existing shops and businesses.
  • Increased funding for Housing Accelerator Fund to speed up approvals.
  • Launch of Canada Greener Homes Affordability Program for energy-efficient retrofits.

Affordable Housing

  • Increased funding for Affordable Housing Fund.
  • Rapid Housing Stream within the Fund for deeply affordable housing.
  • New Canada Rental Protection Fund to preserve affordability and acquire new units.
  • $1.5 billion Co-operative Housing Development Program.
  • Additional funding for First Nation, Inuit, and Métis communities.
  • $6 billion Canada Housing Infrastructure Fund for critical infrastructure.


  • Increased funding for Reaching Home program.
  • Investment to address encampments and unsheltered homelessness.
  • Extension of Interim Housing Assistance Program for asylum seekers.

Land & Innovation

  • Exploring leasing public lands for affordable housing development.
  • Low-cost financing for apartments using prefabricated or innovative techniques.
  • Reinvention of 1940s housing plans catalogue with modern designs.

Short-Term Rentals

  • Funding for municipal enforcement of restrictions on short-term rentals.
  • New tax measures to disincentivize non-compliant short-term rentals.

Foreign Buyers

  • Extension of ban on non-resident, non-Canadian purchases of residential property.

Mortgage & Ownership

  • Consultation on tool for income verification for mortgages.
  • Proposal to restrict corporate purchases of single-family homes.

Data & Credentials

  • Funding for improved housing data collection and dissemination.
  • Investment to streamline foreign credential recognition for skilled trades.

Tenant Protections

  • New Tenant Protection Fund for legal support and advocacy.
  • Canadian Renters' Bill of Rights for lease agreements and bargaining power.
  • Proposal to allow inclusion of rental payment history in credit scores.

Homebuyers' Plan

  • Increased withdrawal limit and extended repayment period.

First-Time Homebuyers

  • Access to 30-year amortizations for insured mortgages on new builds (effective Aug 1, 2024).

Mortgage Charter

  • Requirement for lenders to contact homeowners before renewal.
  • Permanent amortization relief for homeowners experiencing hardship.

Tax Incentives

  • Proposed tax break for developers building new rental properties.
  • Proposed GST removal for student residences built by public institutions.

Important Note: This is a summary, and details may vary. Refer to the government website for specifics.

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