The Canadian government has pledged an additional $400 million to the Housing Accelerator Fund, bolstering its commitment to tackling the national housing crisis. This initiative, initially launched in March 2023 with a $4 billion budget, aims to expedite the construction of new homes across the country.
Funding Increase and Purpose
This new investment adds to the existing Housing Accelerator Fund over the next four years. The fund collaborates with municipalities to streamline housing construction processes by cutting through red tape.
Positive Impact So Far
Since its launch, the Housing Accelerator Fund has signed agreements with 179 municipalities and is on track to support the construction of 750,000 new homes within the next ten years.
Immediate Goals
With the recent funding increase, the government aims to accelerate the development of an additional 12,000 homes in the next three years.
Aligning with the "Canada Builds" Initiative
This additional funding for the Housing Accelerator Fund aligns with the broader "Canada Builds" initiative. This initiative leverages the $55 billion Apartment Construction Loan Program to support provincial and territorial projects that mirror the outcomes of the BC Builds program.
Expectations for Provincial and Territorial Participation
To access this federal funding, provincial and territorial governments will need to meet specific benchmarks, similar to those achieved in British Columbia. These benchmarks include:
- Utilizing government and community-owned lands for development projects.
- Integrating child care facilities within new housing projects.
- Significantly reducing development approval timelines to a range of 12 to 18 months.
Next Steps
The federal government will promptly initiate discussions with provincial and territorial leaders to ensure the swift implementation of these strategies, working collaboratively to address Canada's housing needs.
Coldwell Banker Horizon Realty will continue to monitor the situation and provide updates as they become available.
