PRIME Minister Justin Trudeau on Wednesday announced transformative measures from the upcoming Budget 2024 to build more homes faster.

These measures include:

• Delivering a $15 billion top-up to the Apartment Construction Loan Program to build a minimum of 30,000 new apartments. With this top-up, the program’s financing is on track to build over 131,000 new apartments within the next decade.
• Announcing new reforms to the Apartment Construction Loan Program to increase access to the program and make it easier for builders to build. These reforms include:
  • Extending loan terms;
  • Extending access to financing to include housing for students and seniors;
  • Introducing a portfolio approach to eligibility requirements so builders can move forward on multiple sites at once;
  • Providing additional flexibility on affordability, energy efficiency, and accessibility requirements; and
  • Launching a new frequent builder stream to fast-track the application process for proven home builders.
• Launching Canada Builds – partnering with provinces and territories to build more rental housing across the country.The federal government is leveraging its $55 billion Apartment Construction Loan Program by making it available to support partnerships with provinces and territories that launch their own ambitious housing plans, similar to the recently announced BC Builds initiative. In order to access federal financing, provinces and territories will be expected to meet the benchmarks set by BC Builds and deliver action to build even more homes. These actions include:
  • Complementing federal funds with provincial or territorial investments into housing;
  • Building on government, non-profit, community-owned, and vacant lands;
  • Streamlining the process to cut development approval timelines to no longer than 12 to 18 months; and
  • Meeting all criteria included in the Apartment Construction Loan Program, including affordability requirements.

Trudeau said that these measures will make it easier, cheaper, and faster to build homes in Canada. For students, it will mean getting the keys to their first home and living close to campus. For young families, it will mean getting a good home near work, opportunity, and in a vibrant neighbourhood. And for seniors, it will mean an affordable place where you can downsize with security and dignity.

We’re encouraging provinces and territories to partner with us on these ambitious housing plans to get more homes built, faster, Trudeau added.