WILL WHAT THE THE FEDS PROMISE TO DO WORK? MORE PROMISES AGAIN BUT NOT SO SOON!!

Wednesday Nov 22nd, 2023

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In its latest economic statement, the federal government pledged to continue incentivizing the development of more housing supply at a quicker pace by removing the zoning, financial, and regulatory barriers to construction, particularly of rental and affordable housing.

Ottawa is planning to spend approximately $20.8 billion over six years, with much of this amount focused on the top priorities of affordable housing and clean energy.

Ottawa is planning to spend approximately $20.8 billion over six years, with much of this amount focused on  affordable housing and clean energy.

“Outdated and unnecessary zoning restrictions delay development and increase costs across the country, preventing  housing from being built at all,” Finance Minister Chrystia Freeland said in a just released budget update.

Citing data from the Canada Mortgage and Housing Corporation, Freeland said that the current rate of construction is far below the pace needed to build 3.5 million more homes by 2030 to ensure affordability“Canada does not have enough homes – and we need to build more of them, fast,” Freeland said. “This challenge is not something that the federal government can solve on its own.”

On top of its already announced and ongoing housing-focused programs, the federal government will be providing an additional $1 billion over three years starting in 2025-26 to support the construction of more than 7,000 new affordable homes.

Also to be provided is another $15 billion in new funding for the development of more than 30,000 new rental homes nationwide.

“The federal government is working with governments across Canada to help them cut red tape, speed up permitting approvals, lift zoning restrictions, and build more homes, faster,” Freeland added.

 

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