The federal government said Monday that it had concluded 179 housing agreements with municipalities that will contribute to the construction of 750,000 housing units over the next decade.
Housing Minister Sean Fraser said the federal government has finalized all its agreements with municipalities through the $4 billion Accelerated Housing Fund.
“The Fund to Accelerate Housing Construction has led to the largest densification movement in Canadian history,” the government said in a press release.
The press release mentions that the agreements have advanced “ambitious housing reforms” in large cities, small municipalities, rural communities and Indigenous communities.
The program offered communities federal funding in exchange for changes to statutes and regulations that would spur housing construction.
Experts often point out that Canada’s housing shortage is caused in part by excessive red tape, high development costs at the municipal level and delays in issuing permits.
Ottawa says the competitive process for obtaining funding resulted in 544 applications, but only a third of them were successful.
The program, which will continue until 2026-2027, is expected to result in the issuance of more than 107,000 permits over the next three years.
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