Government of Canada awards $74 million to top-performing Housing Accelerator Fund communities
OTTAWA, ON, March 22, 2025 /CNW/ - To make progress towards solving the housing crisis we need to build more homes at prices that Canadians can afford, faster. To do this we need to end restrictive zoning and speed up permitting, and add greater density, especially near transit and post-secondary institutions. The Housing Accelerator Fund (HAF) will cut this red tape and fast-track at least 112,000 new homes by 2028, which cities and regions estimate will lead to the creation of over 750,000 new homes for people in towns, cities, and Indigenous communities across Canada over the next decade.
Today, the Government of Canada announced that 27 top-performing Housing Accelerator Fund communities will receive additional funding as part of the first round of the program. This extra funding of almost $74 million will help these communities go even further to accelerate housing, fast tracking an additional 2219 housing units over the next two years. To be considered a top performer, communities met their unit forecasts and delivered on their HAF Action Plan commitments for the first year. They also proposed additional initiatives to accelerate housing making them eligible to receive up to 10% of the value of their original agreement in additional funding.
HAF requires action plans from local governments, unlocking funding to ensure the timely implementation of housing initiatives, with subsequent payments 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 list of communities receiving funding under these agreements is in an Appendix to this release.
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.
Quote:
"Our government is committed to removing barriers and cutting red tape to enable housing development, and this additional funding will help leading communities do just that." – The Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities
Quick Facts:
Launched in March 2023, the Housing Accelerator Fund is a $4.4 billion initiative from the Government of Canada that will run until 2027-2028. The first round of funding totalled $4 billion, and Budget 2024 added an additional $400 million to this program.
The Housing Accelerator Fund is part of Canada's National Housing Strategy and Canada's Housing Plan, the most ambitious federal housing plan in over 40 years. Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.
As of December 2024, the federal government has committed $60.09 billion to support the creation of over 156,000 units and the repair of over 298,000 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.
In Budget 2024, the federal government committed an additional $400 million to incentivize more local governments to fast-track home construction, resulting in an additional 12,000 new homes permitted over the next four years.
Associated Links:
Housing Accelerator Fund
Housing Accelerator Fund – Building more homes, faster
National Housing Strategy
Appendix:
Local governments across Canada and the additional funding they are receiving under the first round of the Housing Accelerator Fund:
Local Government
Funding
Bathurst, NB
$320,000
Bilijk, NB
$71,000
Bow Island, AB
$160,000
Bowen Island, BC
$160,000
Brokenhead, MB
$64,000
Calgary, AB
$22,843,000
Caraquet, NB
$269,000
Coquitlam, BC
$2,480,000
Dawson City, YT
$118,000
Edmonton, AB
$17,484,000
Edmundston, NB
$415,000
Gibsons, BC
$204,000
Grand-Bouctouche, NB
$284,000
Humboldt, SK
$226,000
Iqaluit, NU
$887,000
Kitchener, ON
$4,214,000
London, ON
$7,391,000
Moncton, NB
$1,280,000
Saint John, NB
$918,000
Surrey, BC
$5,100,000
Sylvan Lake, AB
$540,000
Thunder Bay, ON
$2,077,000
Tobique First Nation, NB
$142,000
Tsal'alh First Nation, BC
$142,000
Tsawwassen First Nation, BC
$284,000
Vancouver, BC
$4,375,000
Waterloo, ON
$1,350,000
Total
$73,798,000
SOURCE Canada Mortgage and Housing Corporation (CMHC)
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2025/22/c1113.html
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