Another day, another announcement on housing, and another interference in provincial areas of jurisdiction. Prime Minister Justin Trudeau announced Wednesday the launch of the “Build in Canada” program which will distribute funds to provinces that meet a series of conditions.
The new initiative will draw funding from another $55 billion program dedicated to apartment construction, the federal government said.
Provinces that want to touch the spoils will have to come up with measures to build more housing and meet the requirements of a B.C. initiative.
These requirements include “provinces making their own investments in housing, building housing on government, non-profit, community and vacant land, and streamlining processes so that deadlines approval period does not exceed 18 months.
They will also have to meet all the criteria of the Apartment Construction Loan Program which allocates the funds, including those regarding affordability.
In this regard, Mr. Trudeau also indicated that Ottawa intends to add $15 billion to this program, which should make it possible to build “at least 30,000 new apartments.” The tax measure should be included in the 2024 budget, the tabling of which is planned in almost two weeks.
The federal government will also reform the program to encourage construction. This includes extending the duration of loans, financing housing for students and seniors, helping builders advance several projects simultaneously, easing criteria related to affordability, energy efficiency and accessibility and speed up the process for builders with a proven track record.
As with several pre-budget announcements made in recent days, Wednesday’s announcement directly concerns a provincial jurisdiction.
The day before, Mr. Trudeau offered to distribute $5 billion to provinces that would agree to adopt some of his housing priorities, including the tenants’ charter of rights. The Quebec government immediately demanded a “right of withdrawal with full compensation and without any conditions”.