The federal government is spending $4.1 billion to increase rental housing and has issued 20 press releases to tell Canadians where their tax dollars went.
The latest press release from the Honourable Sean Fraser, Minister of Housing, Communities and Infrastructure, highlighted the 12,000 purpose-built rental units across 73 projects in Canada. This funding comes as fully repayable low-interest loans through the Rental Construction Financing Initiative (RCFi).
Another 19 announcements took place in communities across the country last week, from November 14 to 17, including some in the West.
-$320 million for 843 units in Surrey, BC
-$180 million for 590 units in Abbotsford, Langley, and Surrey, BC
-$29 million for 135 units in Calgary, AB
- for 227 units in Kelowna, BC
-88 million for 271 units in Victoria, BC
- for 447 units in Winnipeg, MB
Construction of rental homes in Canada has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the RCFi to help build more rentals across the country.
Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities Canadians can feel proud to call home.
Fraser said the government was there to help.
"We need to boost housing supply and this is why we are making strategic investments through programs such as the Rental Construction Financing Initiative to build much-needed rental units across the country," said Fraser.
"The projects announced last week across Canada are a huge step forward in addressing the housing crunch faced by Canadians and will bring nearly 12,000 homes to our cities."
"Through the National Housing Strategy, the federal government is taking action to increase the supply of new rental developments that are closer to jobs, services, public transit and amenities," said Fraser.
Ottawa's National Housing Strategy (NHS) is a ten-year plan to spend $82 billion tax dollars to give Canadians somewhere to live. The RCFi is one component and provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle income Canadians.
According to a Canada Mortgage and Housing (CMHC) press release, the NHS "creates a positive impact to the housing system at minimal cost to taxpayers."
Through RCFi, the federal government is encouraging the construction of more than 71,000 rental units.
CHMC is advertising its efforts on cmhc.ca, Twitter, Instagram, YouTube, LinkedIn, and Facebook. More on the National Housing Strategy can be found at www.placetocallhome.ca and the Housing Funding Initiatives Map.