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Canada unveils $6 billion plan to tackle housing crisis amid immigrant influx

Posted on April 5, 2024 |

The Prime Minister introduced the $6 billion Canada Homes Infrastructure Fund to speed up home construction and renovations.

Canada faces housing affordability challenges due to a rapidly growing immigrant population, leading to price and rental increases.

High interest rates have resulted in the highest mortgage payments in 22 years, worsening the affordability crisis.

The fund, included in the upcoming April 16 budget, aims to boost home construction efforts.

A portion of the fund will aid municipalities in developing essential infrastructure for homes, while the rest will go to provinces and territories for middle-class housing.

C$1 billion will support municipalities in addressing urgent infrastructure needs, with C$5 billion allocated for long-term projects through agreements with provinces and territories.

Additionally, the government plans to increase the previously launched C$4 billion housing accelerator fund by C$400 million.

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