Magazine

FM College ~ News & Articles

New measures announced in Canada’s Housing Plan

Apr 15, 2024 | Public | 0 comments

Canada’s newly announced housing plan includes a variety of measures intended to encourage faster, lower-cost construction, increase housing affordability, and ultimately make it easier for Canadians to rent or buy a home. Calling it “the most comprehensive and ambitious housing plan ever seen in Canada,” Prime Minister Justin Trudeau emphasized that his “bold new strategy” would lead to the construction of 3.87 million homes by 2031.

While the Canadian Federation of Rental Housing Providers (FRPO) says it welcomes the government’s introduction of “significant and expanded low-cost financing” and other financial supports to encourage high-density, purpose-built rental construction, some groups felt the plan left a little to be desired. Betsy Agar, director of the Buildings Program at the Pembina Institute described the government’s green housing initiatives as “a good first step” but with a few notable gaps.

“We welcome the federal government housing plan announcement and the $903.5 million investment in the Canada Greener Homes Affordability Program, renewing and improving existing energy efficiency programs and continuing to develop national approaches to home energy labelling,“ she wrote. “While these investments represent progress on some priority issues for greener housing, it leaves significant gaps on other critical housing safety and affordability challenges for Canadians and falls short of what’s needed to reach a rate of 600,000 home retrofits per year.”

The plan includes another $400 million toward the Housing Accelerator Fund (HAF) in addition to a new $6 billion Canada Housing Infrastructure Fund to accelerate both the construction and upgrading of critical housing infrastructure. It also legalizes more housing types by adopting zoning that allows four units as-of-right and that permits more “missing middle” homes, including duplexes, triplexes, townhouses, and small multi-unit apartments.

The new (and previously announced) measures include:

  • A Public Lands for Homes Plan to lead a national effort to build affordable housing on federal, provincial, territorial, and municipal lands across the country.
  • $15 billion in additional loans for the Apartment Construction Loan Program to build a minimum of 30,000 new rental apartments, in big cities, small towns, and rural communities. With this additional financing, the program is on track to build over 131,000 new apartments by 2031-32.
  • Launching Canada Builds, a “Team Canada” approach to building affordable homes for the middle class on under-utilized lands. Canada Builds combines federal low-cost loans with provincial and territorial investments to scale up construction on rental homes for the middle class.
  • Supporting Indigenous Peoples living away from their communities in urban, rural, and northern areas through investments in Indigenous housing to be delivered by Indigenous governments, organizations and service providers.
  • Putting measures in place to protect tenants against “unfairly rising rent payments” including the Tenant Protection Fund.
  • Extending mortgage amortizations to 30s exclusively for first-time home buyers purchasing new builds.
  • Providing $1 billion for the Affordable Housing Fund to build affordable homes and launch a permanent Rapid Housing Stream to build on the success of the previous three rounds.
  • Launching a $1.5 billion Canada Rental Protection Fund to protect and expand affordable housing.

The Prime Minister also announced the following new measures to attract, train, and hire the skilled-trade workers Canada needs to build more homes:

  • $90 million for the Apprenticeship Service, creating apprenticeship opportunities to train and recruit the next generation of skilled trades workers.
  • $10 million for the Skilled Trades Awareness and Readiness program to encourage high school students to enter the skilled trades.
  • $50 million in the Foreign Credential Recognition Program, with a focus on residential construction to help skilled trades workers get more homes built. Like the previous $115 million investment, this funding will remove barriers to credential recognition so workers spend less time dealing with red-tape.

Click here for more info: Canada’s Housing Plan | Prime Minister of Canada (pm.gc.ca)

The post New measures announced in Canada’s Housing Plan appeared first on REMINET.

0 Comments

Submit a Comment

Bearing Fluting With Shaft Brushes?

In the past year we’ve been evaluating conditions in wind generation and industrial applications in which shaft brushes...

Try MCA For Motor Condition Analysis

De-energized testing is used in our training factory to explain and demonstrate the concepts to College of Engineering...

Pump is up

With sustainability rapidly becoming the biggest talking point in UK boardrooms – the roll out of electric heat pumps...

3 Key Roles Doors Play in Healthcare Facilities

  Doors play many different roles in healthcare facilities aside from the obvious role as an entrance or exit. They...

Why decarbonizing hospitals smartly is better than electrification for healthcare design

There’s a new conversation happening in healthcare today. Driven by new laws, regulations, tariffs, ESG goals, and thought...