WILL WHAT THE THE FEDS PROMISE TO DO WORK? MORE PROMISES AGAIN BUT NOT SO SOON!!
Wednesday Nov 22nd, 2023
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“Outdated and unnecessary zoning restrictions delay development and increase costs across the country, preventing housing from being built at all,” Finance Minister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.
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.