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$15B for federal apartment construction loan program

By Brad Perry Apr 3, 2024 | 12:43 PM

Ottawa says the upcoming budget will include billions in additional funding to help get more apartments built.

Prime Minister Justin Trudeau said they will add $15 billion to the apartment construction loan program to build at least 30,000 new apartments.

“It’ll provide low-cost loans, help speed up development, and build projects at the scale necessary to meet the urgent needs of Canadians,” Trudeau said during an announcement in Toronto on Wednesday.

Officials said the program’s $55-billion financing is on track to build over 131,000 new apartments within the next decade.

Trudeau also announced plans to launch the Canada Builds partnership with provinces and territories to build more rental units through the loan program.

“We’re going to make the entire pot of funding available for matching partnerships with provinces and territories who come to the table with ambitious and fair housing plans,” he said.

Provinces and territories will have to meet the benchmarks set by the recently announced BC Builds and deliver action to build even more homes.

They include complementing federal funds with provincial or territorial investments into housing; building on government, non-profit, community-owned, and vacant lands; and cutting development approval timelines to no longer than 12 to 18 months.