Housing Accelerator Fund offers new housing in Canadian cities. The Canadian government introduced the Housing Accelerator Fund of $4 billion to enable the development of a minimum of 100,000 new homes in Canada. The fund is providing the outcomes, and through its present path, it might exceed 100,000 new houses.
Housing Accelerator Fund offers new housing in Canadian cities
Over the following three years, the Housing Accelerator Fund has already progressed to construct more than 21,000 new houses. Meanwhile, the agreements have already been declared with the following:
- London
- Vaughan
- Brampton and Kitchener, Ontario
- Halifax, Nova Scotia
- Hamilton
- Kelowna, British Columbia
- Calgary, Alberta
- Moncton, New Brunswick
Also, the Canadian federal government signed a mutual agreement with Quebec on November 9, 2023. This agreement implied a collaborated contribution of $1.8 billion. The federal government also offered $900 million, indicating 23 percent of Housing Accelerator Funding for constructing homes for Quebec residents.
Besides, the Canadian government has made agreements with specific cities for the number of homes to be constructed through the Housing Accelerator Fund. Here’s a list of all these agreements:
Housing Accelerator Fund offers new housing in London, Ontario
The agreement of London took effect in September 2023, being the first city to have signed an agreement with the federal government. The agreement will invest $74 million in London’s federal housing to construct 2,000 new houses.
The deal calls for the sale of city-owned land to make way for additional development and permits the construction of up to four apartments on a single lot in low-density neighborhoods. Additionally, London will establish more collaborations through non-profit housing to construct an increased number of affordable homes.
Vaughan, Ontario
The agreement with Vaughan will offer $59 million in federal funding to construct 1,700 new homes. In addition, it will permit dense buildings close to public transportation hubs, such as GO train stations and subway stations.
Prioritizing the modernization of the outmoded permitting system will also help expedite the development and construction of affordable apartment buildings.
Housing Accelerator Fund offers new housing in Hamilton, Ontario
Hamilton must receive $93.5 million in federal funding to construct new houses. The agreement will emphasize constructions near rapid transit. This will include the LRT stations in Hamilton in the upcoming times.
In addition, the deal calls for the establishment of four residential units on one property and the development of brownfields and city-owned land.
Brampton, Ontario
Brampton’s agreement will invest $114 million in federal funding to construct 3,150 houses. It revolves around decreasing obstacles to developing housing in the city’s chief areas. These include boulevards, urban centers, and principal public transit stations.
The deal would also prioritize zoning authorization expansion for housing, allowing up to four residential units and four stories to be built within 800 meters of transit. Additionally, it will develop fresh, affordable housing incentive schemes.
Halifax, Nova Scotia
Halifax will acquire $79.3 million in federal funding to construct 2,600 new houses.
The agreement would encourage the use of already approved building plans and create an incentive program for converting commercial real estate to residential.
A program to locate excess land for affordable housing will also come into existence, along with incentives for small-scale residential buildings, encouragement of development along transit routes, and a priority on streamlining the permit process and lowering associated costs.
Kelowna, British Columbia
According to the agreement, Kelowna would provide $31.5 million in government financing to construct 950 houses. Prioritizing higher-density construction along high-traffic routes in collaboration with nonprofit organizations will also release city-owned land for affordable housing development.
Furthermore, Kelowna intends to increase the use of technology to expedite the application process for construction permits and to broaden the zoning to accommodate additional infill housing in the city’s center.
Housing Accelerator Fund offers new housing in Canadian cities – Kitchener, Ontario
The deal with Kitchener states that $42.4 million in federal funds will be provided to construct 1,200 new houses. The deal will also promote high- and medium-rise housing near Kitchener’s Light Rail Transit stations by loosening planning restrictions.
Additionally, Kitchener will seek to facilitate the construction of affordable housing by providing incentives and land to developers of affordable housing.
Calgary, Alberta
The federal government will provide $228 million to Calgary so that 6,800 new houses can be built. The purpose of the agreement with the city is to forward the city’s office space conversion initiative.
Additionally, it will allow for the construction of dwellings on city-owned property close to transit hubs and promote development by permitting infill buildings in existing neighborhoods.
Moncton, New Brunswick
According to the deal, Moncton would receive $15.5 million in government financing to construct 490 new houses.
It supports non-profit housing developers and promotes auxiliary dwelling units and missing middle development. Lastly, Moncton will create building plan models for residential complexes with several energy-efficient units.
Quebec
There will be 8,000 social and affordable housing units built thanks to the additional $1.8 billion in funds for housing construction, 500 of which will be set aside for those who are homeless or at risk of becoming so.
The agreement with Quebec will also concentrate on establishing new government policies for land use planning, including indicators for home development that municipalities must use to set their goals, and setting up a project acceleration unit in partnership with Quebec municipalities.
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