Budget 2024 documents reveal that the $1.5B Canada Rental Protection Fund will be launching with just $5M in its first year.Ahead of Budget Day on April 16, Prime Minister Justin Trudeau made a series of announcements previewing items from Budget 2024, a majority of which were focused on housing.
Once we got to April 16, however, the full budget revealed that the grant total was actually $477.2M and that only $5M has been earmarked for the first year, 2024-2025, followed by approximately $120M in each of the subsequent four years. It also provided no details about the loans.“The initial grant allocation will not move the needle in preserving rental property," said Katie Maslechko, CEO of the BC Rental Protection Fund, in alast week.
Nonetheless, the Fund and Maslechko are very happy to see the Canada Rental Protection Fund, which appears to be closely modeled after BC's $500M fund, without the loan component. Earlier this year, the BC Rental Protection Fund became a member of aof organizations that were advocating for a federal version of the program they called the Canadian Housing Acquisition Fund.
Regardless of the $5M initial grant total, the Government of Canada has voiced a strong belief in the concept.
"We hope it is able to start flowing as soon as possible and we are ready to engage and have a conversation about what it can look like and what it ought to look like in order to have the greatest impact, but the reality is that these units will never really be more affordable than they are now," says Maslechko. "We continue to lose them with every day, week, and month that passes, so time is of the essence.
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