By investing in the construction of more than 10,000 new rental housing units, the Government is taking action to improve the lives of hard working Canadians. It will allow more middle-class Canadians to spend more time with their children by living closer to public transit, schools and services.
Peter Schiefke, on behalf of Jean-Yves Duclos, Minister of Families, Children and Social Development, highlighted the launch of the Rental Construction Financing initiative: “Canada’s middle class will benefit from the construction of new rental housing. Through these significant investments, our Government is taking action to increase the supply of new rental developments, providing housing options that are closer to public transit, schools, and services for hard-working Canadian families.”
The Rental Construction Financing initiative will provide $2.5 billion in low-cost loans to support the construction of new rental housing, relieving pressure in rental markets that are experiencing low vacancy rates and high rents.
The initiative will complement commitments made in Budget 2017, which will invest more than $11.2 billion over 11 years for initiatives designed to build, renew and repair Canada’s stock of affordable housing. These significant investments are made as part of a new National Housing Strategy that will be launched later this year and help ensure that Canadians have housing that meets their needs.