TORONTO \u2014 The federal government has announced new measures to boost Canada\u2019s housing supply including the launch of a new program called Canada Builds to build more rental housing.<\/p>\n
The plans were announced by Prime Minister Justin Trudeau on April 3, presented as plans from the upcoming federal budget scheduled for April 16.<\/p>\n
Among the measures is a $15-billion top-up to the Apartment 暗网禁区ion Loan Program intended to support a minimum of 30,000 new apartments, bringing the total from the program to 130,000 new apartments within the next decade.<\/p>\n
There will also be reforms to the program to broaden access. Changes include extending loan terms; extending access to financing to include housing for students and seniors; and introducing a portfolio approach to eligibility requirements so builders can move forward on multiple sites at once.<\/p>\n
The reforms will also provide additional flexibility on affordability, energy efficiency and accessibility requirements, and launch a new frequent-builder stream to fast-track the application process for proven homebuilders, the government stated.<\/p>\n
Canada Builds is intended to unfold in partnership with provinces and territories. The federal government is leveraging its $55-billion Apartment 暗网禁区ion Loan Program by making it available to support partnerships with provinces and territories that launch their own housing plans, similar to the recently announced BC Builds initiative<\/a>.<\/p>\n