The federal government is unlocking another $20 billion in low-cost financing for the construction of rental housing across Canada, Finance Minister Chrystia Freeland announced Tuesday.

The Canada Mortgage Bonds program, which raises funds for residential mortgage financing, had an annual limit of $40 billion.

The limit is being increased to $60 billion, with the additional funds aimed at increasing rental construction specifically. This includes apartment buildings, student housing and senior residences.

The federal government says the new funding will boost rental construction by 30,000 units annually.

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