NORTH VANCOUVER, BC, March 1, 2024 /CNW/ - With federal funding and federal leadership, we are changing how cities let housing get built in their municipalities. With a greater focus on higher density housing, student housing, homes near transit and affordable housing, we are going to get more homes built for Canadians at prices they can afford.
Today, the Government of Canada and the City of North Vancouver announced that they reached an agreement to fast track over 500 housing units over the next three years. This work will help spur the construction of more than 3,100 homes over the next decade.
The agreement under the Housing Accelerator Fund (HAF) will provide over $18.6 million to eliminate barriers to building the housing we need, faster. The City of North Vancouver's Action Plan commits to nine local initiatives that enable a variety of housing forms and densities to meet the diverse needs of the community. The funding will allow more multiplex homes to be built as-of-right (including up to four, six, and eight units), and allow for higher residential housing density near the urban core and close to transit. It will improve the city's land acquisition and disposition practices to build more affordable homes on city-owned land and prioritize affordable housing projects. The action plan also includes streamlining developmental approvals, reducing minimum parking requirements for development projects, and removing barriers to building prefabricated housing.
HAF is helping cut red tape and fast track at least 100,000 permitted new homes over the first three years, which cities and regions estimate will lead to the creation of over 650,000 permitted new homes for people in towns, cities, and Indigenous communities across Canada over the next decade. 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 making life more affordable for Canadians – and housing is key to our work. We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster.
"Today's announcement will help fast track over 500 homes in the next three years and more than 3,100 homes over the next decade. By working with cities, mayors, Indigenous partners, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford."- The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
"Canada needs more homes that middle class Canadians can afford. Through collaboration with like-minded municipalities, the federal government is investing to build the homes that people in North Vancouver want and need. In partnership with the City of North Vancouver, we will be building more homes, faster, through this significant investment under the Housing Accelerator Fund. This investment advances our shared priorities – to provide new housing options for the community and to make life more affordable for those who call North Vancouver home." – The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources and Member of Parliament for North Vancouver
"A generation of Canadians have felt pushed out of the communities they have always called home as housing became less and less attainable. The City of North Vancouver has been a leader in finding innovative solutions that give people the housing options they need at a price they can afford, but we know there is more to do. With these funds in hand we can accelerate the work underway to deliver more homes faster. I thank the Government of Canada for this important investment as it will allow us to move forward into a new era of housing optimism and action." – Linda Buchanan, Mayor for the City of North Vancouver
- Today's announcement was made by the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources and Member of Parliament of North Vancouver on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities and Linda Buchanan, Mayor of North Vancouver.
- Launched in March 2023, the Housing Accelerator Fund (HAF) is a $4 billion initiative from the Government of Canada that will run until 2026-27.
- The Housing Accelerator Fund is part of Canada's National Housing Strategy (NHS), an $82+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly at www.placetocallhome.ca. The Housing Funding Initiatives Map shows affordable housing projects that have been developed.
- As of September 30, 2023, the Government of Canada has committed over $38.89 billion to support the creation of almost 152,000 units and the repair of over 241,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
- Housing Accelerator Fund
- Housing Accelerator Fund – Building more homes, faster
- Building more homes, faster
- Making housing more affordable for Canadians
- National Housing Strategy
SOURCE Government of Canada
Media Contacts: Micaal Ahmed, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
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