Feds, CMHC to invest hundreds of millions in fresh housing supply

Feds, CMHC to invest hundreds of millions in fresh housing supply

Feds, CMHC to invest hundreds of millions in fresh housing supply

The Canadian government has announced that it will be investing $600 million over the next seven years in the creation of roughly 12,700 additional housing units nationwide.

Canada Mortgage and Housing Corporation said that the sum will be part of investments made from Budget 2021, with the seven-year period starting in 2021-22. The $600 million will be allocated to the renewal and expansion of the Affordable Housing Innovation Fund.

The additional homes will be on top of the more than 17,600 units already pledged previously. Most of these units will be affordable homes, as well as dwellings for those with accessibility challenges.

Read more: CMHC explains what kept the Canadian housing market strong during the pandemic

The new funding will bring the nationwide total to more than 30,000 Canadian households slated to receive support.

“Budget 2021 is an historic investment to address the specific wounds of the COVID-19 recession, put people first, create jobs, grow the middle class, set businesses on a track for long-term growth, and ensure that Canada’s future will be healthier, more equitable, greener, and more prosperous,” CMHC said in the announcement.

CMHC added that Canada’s “strong fiscal position” at the onset of the pandemic “allowed the government to take quick and decisive action, supporting people and businesses, and put it in the position to make historic investments in the recovery.”