Trudeau's latest pre-budget pledge: $15B top-up to apartment construction loan program
CTV
Continuing his pre-budget spending pledge tour, Prime Minister Justin Trudeau is promising a $15-billion top-up as well as reforms to 'turbocharge' an existing federal apartment construction loan program. The federal government also plans to launch a new 'Canada Builds' initiative to help build more rental housing across Canada
Continuing his pre-budget spending pledge tour, Prime Minister Justin Trudeau is promising a $15-billion top-up as well as reforms to "turbocharge" an existing federal apartment construction loan program.
Related to this loan offering, Trudeau says the federal government also plans to launch a new "Canada Builds" initiative to help build more rental housing across Canada.
Styled after the "BC Builds" program, the aim is to allow provinces and territories to access federal loans to "launch their own ambitious housing plans," including developing more low- and high-rise apartments that middle class Canadians can afford.
Similar to other new federal housing spending commitments, access will be dependent on meeting all of the program's criteria, as well as a series of additional benchmarks.
In order to tap into this funding, provinces and territories will have to commit to spending their own money on housing, plan to build on government and vacant lands, and cut development approval timelines to no longer than 12 to 18 months.
The aim, Trudeau said Wednesday, is to help make it so more people can live where they work, something Toronto Mayor Olivia Chow said is a pressing challenge for her city as they try to hire more first responders, care workers and nurses.
However, Ontario Premier Doug Ford doubled down on Wednesday that his government won't be signing on to any federal funding deal that requires building more fourplexes.
