OTTAWA — Prime Minister Justin Trudeau unveiled a new $1.5-billion housing fund Thursday that he billed as helping non-profit organizations acquire more rental units across Canada and ensure they remain affordable.
An existing rental protection fund in British Columbia is a good"proof of concept" for the initiative, Trudeau told a news conference in Winnipeg. Home prices and activity in the housing market are expected to rebound as the Bank of Canada begins lowering interest rates, with economists widely expecting rate cuts to begin around June or July.
Protecting and expanding the country's rental stock has been a particular focus for all three levels of government in recent months as Canadians face skyrocketing rents. The loan program was launched in 2017 and has helped create more than 48,000 homes so far. It's aimed at building at least 131,000 apartments in the next decade.
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Canada's NDP Leader Jagmeet Singh Announces Plan for National Rental Protection FundCanada's NDP Leader Jagmeet Singh was in Coquitlam this morning, March 12, to announce his party's plan to ensure a national Rental Protection Fund is part of the next federal budget. Singh, the Burnaby South MP who was joined by Port Moody–Coquitlam MP Bonita Zarrillo at a news conference at the Tri-Branch Co-op, said his party will use the B.C. Rental Protection Fund model to expand the program across the country. The fund would be used to help nonprofits buy affordable housing when it’s on the market and keep it affordable for renters in those buildings. He said tenants in rental units shouldn't have to live in fear, thinking one day their complexes will be sold to corporations and developers. Julianne "Jewels" Cress, the president of the Tri-Branch Co-op on Packard Avenue in Coquitlam, told Singh her members — as well as those in the sister building across the road, at Garden Court — had been worrying for years about losing their units as their lease came up. But, last month, at Garden Court, Premier David Eby said Tri-Branch and Garden Court would be the first in B
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »
Canada to Launch $1.5 Billion Housing Fund to Increase Affordable Rental UnitsPrime Minister Justin Trudeau announces a new $1.5-billion housing fund to help non-profit organizations acquire and maintain affordable rental units across Canada.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »
Government of Canada Launches Canada Builds Program to Increase Rental HousingThe Government of Canada has announced the launch of Canada Builds, a program aimed at partnering with provinces and territories to build more rental housing across the country. The program is inspired by the successful BC Builds initiative and will provide federal financing to support ambitious housing plans.
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British Columbia's Community Housing Fund to Add Nearly 600 Rental HomesThe latest funding to flow through British Columbia's Community Housing Fund will add nearly 600 rental homes to communities in the Interior and northern B.C.
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