Prime Minister announces plan to create over 16,000 housing units

The federal government has announced a plan it claims will create close to 17,000 housing units across Canada.

The announcement was made by Prime Minister Justin Trudeau in Kitchener on Tuesday afternoon. Earlier in the day, Trudeau participated in a roundtable discussion on housing affordability.

The government is setting aside $2 billion to support three initiatives. With some of the funds coming from the 2021 budget and 2022 budget.

It includes extending the Rapid Housing Initiative, which will create 4,500 affordable housing units, with a focus on women-focused housing projects and projects supporting those experiencing or at risk of homelessness.

The second part of the plan will lead to the creation of over 10,000 housing units, including 6,000 affordable units through the Affordable Housing Innovation Fund.

Creating a new, five-year rent-to-own stream under the Affordable Housing Innovation Fund is the third part of the plan. The government says it will help housing providers develop and test rent-to-own models and projects.

“When people have a home of their own, whether they rent or they own, they are better able to invest in themselves, and invest in their communities.” Trudeau said. “Our government understands that it is only by investing in people, that we can grow our economy. Tackling housing affordability is a complex problem and there is no one silver bullet, but announcements like today’s give more people a place to call home, and a real and fair chance at success.”

Minister of Housing and Diversity and Inclusion, Ahmed Hussen, was also on hand for the announcement.