Feds allocate billions to combat housing crisis, anticipated upcoming worker shortage
The federal government announced its strategy to combat the "significant housing challenges" currently facing Canadians, including putting funding towards "the urgent issue of encampments."
The federal minister of employment, workforce development and official languages, Randy Boissonnault, was in Edmonton Tuesday promoting the funding.
"Housing should provide stability and security and serve as the foundation for overall well being," Boissonnault said. "Instead, we see that housing options are limited, rents are high and home prices feel out of reach, and making sure that everybody has a place to live, it's the right thing to do."
Part of the strategy is increasing funding to the Housing Accelerator Fund, which helps cities increase the number of homes built every year.
"In Edmonton alone, we had a deal, $175 million. That deal alone, just in Edmonton, is going to create 22,000 new homes over the next 10 years, and we're adding $400 million to that $4 billion across the country," Boissonnault said.
"It's not just about building more homes, it's about building the infrastructure that you need to get those homes built."
Additional renter protections and expanding the housing design catalogue were also announced. The catalogue contains standardized, pre-approved housing designs aimed at speeding up construction.
A temporary accelerated capital cost allowance for apartments and increase from four per cent to 10 per cent was also announced to incentivize builders.
"We are launching a historic public lands for homes plan to make more land available for housing," Boissonnault said. "We're going to do this by identifying and building on public lands that are underused, such as empty office buildings or parking lots."
For first-time home buyers, the amortization limit for insured mortgage is being extended, added Boissonnault. The mortgage charter will also be amended so companies will be able to give renters the option of including their rental payment history in their credit scores.
"We're also making sure on our Canadian Renters Bill of Rights we're going to develop and roll out, in partnership with provinces and territories, that renters can see very clearly the history of apartment pricing so that they can bargain fairly," Boissonnault said.
"This is going to allow us also to crack down on rent evictions and create a nationwide standard lease agreement."
- Alberta waits for details of new federal housing money, reasserts its jurisdiction over sector
- Alberta premier takes issue with feds for overstepping jurisdiction on housing initiatives
An additional $1 billion for the Affordable Housing Fund through the 2024 federal budget was also announced.
"To address the urgent issues of encampments and unsheltered homelessness, we're going to invest $250 million through Budget 2024 to support municipalities and our fellow Edmontonians and Canadians right away," said Boissonnault. "We intend that this fund gets matched by provinces and territories, so it'll be half a billion dollars.
"We're going to have to be innovative, we're going to have to be creative."
Around 700,000 skilled trades workers are expected to retire in the next five years, according to Boissonnault. Around 200,000 of those workers are from the homebuilding industry.
"We're going to provide $90 million for the apprenticeship service to help create placements with small and medium sized enterprises for apprentices," Boissonnault said.
"I'm also going to have a $10 million fund for the skilled trades awareness and readiness program to encourage young Canadians, including high school students, to start a career in the skilled trades."
CTVNews.ca Top Stories
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
'Summer of discontent': Federal unions vow to fight new 3-day a week office mandate
Federal unions are launching legal challenges and encouraging public sector workers to file "tens of thousands" of grievances over the new mandate requiring federal workers to return to the office at least three days a week in the fall.
Watch fighter jet pilots pummel fake enemy ship off coast of Philippines
The United States and Philippines held annual joint-training drills just off the Southeast Asian nation’s western coast on Wednesday. Military forces sunk a 'mock' enemy warship – the BRP Lake Caliraya, which was a decommissioned tanker made in China.
'Ozempic babies': Reports of surprise pregnancies raise new questions about weight loss drugs
Numerous women have shared stories of 'Ozempic babies' on social media. But the joy some experience in discovering pregnancies may come with anxiety about the unknowns.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
'I killed four people': Trial hears video evidence of Jeremy Skibicki at Winnipeg trial
“I killed four people,” alleged serial killer Jeremy Skibicki told two homicide detectives during a recorded interview played as evidence in his trial Wednesday.
AstraZeneca says it will withdraw COVID-19 vaccine globally as demand dips
AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a 'surplus of available updated vaccines' since the pandemic.
Seafood, eat food: Calgary Stampede releases Midway menu
The Calgary Stampede has released its menu of sweet, salty and spicy treats available on the Midway for the Greatest Outdoor Show on Earth.