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Feds pledge to build 17,000 homes. Again

September 8, 2022





In an August 30, 2022 speech in Kitchener, Ontario, Prime Minister Justin Trudeau renewed a commitment to spend more than $2 billion to build 17,000 homes.
The funding for these projects was already announced, and allocated, with both the 2021 and 2022 federal budgets.
The Rapid Housing Initiative will be extended for a third round to build 4,500 affordable housing units—some of which will be part of gender-focused housing and homelessness projects.
At least another 10,800 homes will be built through the Affordable Housing Innovation Fund—6,000 of which will be affordable units.
The federal government is also creating a five-year rent-to-own program to help develop rent-to-own models and projects, according to Housing Minister Ahmed Hussen, who joined the Prime Minister for the Kitchener announcement.
Applications are now being accepted for both the Affordable Housing Innovation Fund and the new rent-to-own stream, Hussen added.
Kevin Crigger, president of the Toronto Regional Real Estate Board, is among those suggesting the federal government could take immediate steps towards home affordability.
“There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market,” Crigger said. “Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically.”


 


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