Government of Canada Takes Historic Action to Create New Rental Housing

Canada Mortgage and Housing Corporation

Government of Canada Takes Historic Action to Create New Rental Housing

Toronto, ON – Apr 20, 2017

By investing in the construction of more than 10,000 new rental housing units, the Government is taking action to improve the lives of hard working Canadians. It will allow more middle-class Canadians to spend more time with their children by living closer to public transit, schools and services.

Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development and Member of Parliament for Spadina-Fort York, was in Toronto today to announce the launch of the Rental Construction Financing initiative.

The Rental Construction Financing initiative will provide $2.5 billion in low-cost loans to support the construction of new rental housing, relieving pressure in rental markets that are experiencing low vacancy rates and high rents.

The initiative will complement commitments made in Budget 2017, which will invest more than $11.2 billion over 11 years for initiatives designed to build, renew and repair Canada’s stock of affordable housing. These significant investments are made as part of a new National Housing Strategy that will be launched later this year and help ensure that Canadians have housing that meets their needs.

Quotes:
“Our Government’s new lending initiatives will leverage billions of dollars for investment in affordable housing to improve the quality of life for families across Canada. We are making smart, strategic investments that will grow Canada’s economy, lift more Canadians out of poverty and contribute to strong and more inclusive communities.”

Adam Vaughan,

Parliamentary Secretary to the Minister of Families, Children and Social Development and Member of Parliament for Spadina-Fort York