The federal government says it will spend more than $2 billion to build 17,000 homes, including thousands of affordable units.
Prime Minister Justin Trudeau made the announcement Tuesday in Kitchener, Ont., alongside Housing Minister Ahmed Hussen after meeting with local politicians and other stakeholders.
Trudeau said housing prices are rising across the country and many Canadians are worried they won’t be able to afford housing, whether they’re renting or looking to buy a home.
“When a person has their own place to live — whether they rent or own — it’s easier for them to invest in themselves, to invest in their community,” he added.
The Rapid Housing Initiative will be extended for a third phase to build 4,500 affordable housing units, some of which will be part of women-focused housing projects and projects to help those experiencing homelessness or at risk to become it.
At least 10,800 more units will be built through the Affordable Housing Innovation Fund, of which 6,000 will be affordable units.
The federal government is also creating a five-year lease-to-own program to help develop and test lease-to-own models and projects.
Funding was allocated for these projects in the 2021 and 2022 federal budgets.
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