PRIME Minister Justin Trudeau on Friday announced that the federal government has reached an agreement with the City of Vancouver to fast-track over 3,200 new housing units over the next three years. This work will help spur the construction of more than 40,000 homes over the next decade and help meet the demand in Vancouver.

Under the Housing Accelerator Fund, this agreement will provide almost $115 million to eliminate barriers to build the housing we need, faster. It will allow for high density development including multiplexes and apartment buildings, help fast-track development processes, and build housing near public transit. As part of the agreement, Vancouver will work to streamline re-zoning laws, expand affordable rental programs, cut red tape, and unlock non-market housing. These initiatives are going to significantly improve the way housing is built in one of Canada’s largest cities.

The Housing Accelerator Fund is helping cut red tape and fast track the construction of over 250,000 new homes for people in towns, cities, and Indigenous communities across Canada. It asks for innovative action plans from local governments, and once approved, provides upfront funding to ensure the timely building of new homes, as well as additional funds upon delivering results. Local governments are encouraged to think big and be bold in their approaches, which could include accelerating project timelines, allowing increased housing density, and encouraging affordable housing units.

“The Government of Canada is supporting the middle class – and housing is key to that work. Our plan to double the rate of housing construction over the next decade will help build the housing supply we need. We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster, and make life better for everyone,” said a media statement from the Prime Minister’s Office.

Trudeau said: “Like so many cities across Canada, Vancouver needs more homes, and fast. That’s why we’re working with mayors across the country to cut red tape and change the way we build housing. Today’s announcement with Vancouver will help build more homes, faster, so that every Canadian has a good place to call their own.”

Sean Fraser, federal Minister of Housing, Infrastructure and Communities, said: “Today’s announcement will help fast track 3,200 homes in the next three years and over 40,000 homes over the next decade. By working with cities, mayors, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford.”

Vancouver Mayor said: “The housing crisis is a nationwide problem that extends beyond the borders of any single municipality. The City of Vancouver is grateful to the Government of Canada for their support as we continue working together to build more homes faster and create a brighter future for all Vancouverites.”