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Feds - apartment construction
April 3, 2024

Feds Announce Reforms to Apartment Construction Loan Program and Launches Canada Builds

Amidst rising living costs, ensuring every Canadian has the opportunity to thrive has become a challenge. The quest for sustainable housing, particularly for younger generations, is urgent. Recognizing this, the Canadian government announces steps to address the housing affordability crisis.

Budget 2024 introduces transformative measures aimed at increasing the pace of housing construction. These include a substantial $15 billion enhancement to the Apartment Construction Loan Program, targeting the development of over 131,000 new apartments within the next decade. Further, the introduction of Canada Builds, in partnership with provinces and territories, seeks to amplify rental housing construction nationwide.

Efficiency improvements to the Apartment Construction Loan Program and the launch of the Canada Housing Infrastructure Fund underscore a comprehensive approach. These initiatives, along with a $400 million boost to the Housing Accelerator Fund, illustrate a committed “Team Canada” effort towards making housing more accessible, affordable, and faster to build.

This strategic blueprint not only addresses immediate needs but lays the groundwork for long-term sustainability in Canada’s housing market, ensuring that all Canadians, from students to seniors, can find affordable, quality homes in vibrant communities.

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