Right now, in communities across the country, building the housing we need, especially affordable housing, is too hard. That’s why the federal government is working with municipalities to break down barriers and build more homes, faster so Canadians – from young families, to seniors, to newcomers – can find a place to call home, at a price they can afford.
The Prime Minister, Justin Trudeau, today announced that the federal government has reached an agreement with the City of Toronto, Ontario, to fast-track nearly 12,000 new housing units over the next three years. This work will help spur the construction of more than 53,000 homes over the next decade and help meet the demand in Toronto.
Under the Housing Accelerator Fund, this agreement will provide over $471 million to eliminate barriers to build the housing we need, faster. It will allow for more housing options in the city, including multiplexes of up to four storeys and four units. City council has also committed to considering six units as-of-right in the new year. The agreement will allow for more apartment buildings, encourage below-market rentals, speed up development processes, and help build new affordable rental units near public transit stations. As part of the agreement, Toronto will work to streamline zoning bylaw approvals, expand affordable rental programs, cut red tape, and unlock non-market housing. It will also take action to address “renovictions”, whereby a landlord can evict a tenant for the sole purpose of undertaking renovations or repairs on a home. These initiatives are going to significantly improve the way affordable housing is built and delivered in Canada’s largest city.
The Housing Accelerator Fund is helping cut red tape and fast-track the construction of over 380,000 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 supporting the middle class – and housing is key to that work. Our plan to double the rate of housing construction over the next decade will help build the housing supply we need. We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster, and make life better for everyone.
Quotes
“Like so many cities across Canada, Toronto needs more homes, and fast. That’s why we’re working with mayors across the country to cut red tape and change the way we build housing. Today’s announcement with Toronto will help build more homes, faster, so that every Canadian has a good place to call their own.”
“I am proud to be part of a government that believes and invests in a thriving and growing Toronto ‒ and today’s announcement is yet another example of our commitment to this incredible city. I know that housing is the top priority for millions of Torontonians ‒ including for people in my own community ‒ and the funding we are announcing today will play an essential role in building more of the homes that Torontonians need, faster.”
“Today’s announcement will help fast track 11,780 homes for Torontonians in the next three years and tens of thousands homes over the next decade. By working with cities, mayors, and all levels of government, we are helping to get more homes built for Canadians at prices they can afford.”
“Torontonians are grateful to Prime Minister Trudeau and Minister Fraser for their $471 million investment in building more housing, quickly, in our city. Toronto is ready to build. We’ve set a new goal of building 65,000 rent-controlled homes, and we’re committed to the provincial target of 285,000 homes by 2031. Housing Accelerator Fund investments are essential to addressing the housing crisis and meeting these targets. Everyone deserves an affordable roof over their heads, and today’s announcement helps make that a reality.”
Quick Facts
- Toronto is the most populous city in Canada. The Greater Toronto Area (GTA) will see the largest increase in population in the region, adding 3.3 million residents over the next two decades. The GTA’s population is expected to grow from 7.2 million in 2022 to over 10.5 million in 2046.
- The City of Toronto is committed to addressing the housing crisis and has recently approved a new zoning change, allowing two-, three-, and four-unit multiplexes, which had previously not been allowed in many parts of the city.
- The City of Toronto’s Housing Accelerator Fund agreement will help build a diverse housing with diverse densities, including missing middle housing to meet the needs of the local community.
- The Housing Accelerator Fund is a $4 billion initiative from the Government of Canada that will run until 2026-27. It is designed to help cities, towns, and Indigenous governments unlock new housing supply through innovative approaches.
- This fall, Prime Minister Justin Trudeau announced three other Housing Accelerator Fund agreements in Ontario, in Brampton, London, and Vaughan, as well as agreements with Vancouver, British Columbia, and with the Province of Quebec. The Government of Canada has announced a further ten Housing Accelerator Fund agreements this year, in Richmond Hill, Calgary, Kitchener, Kelowna, Hamilton, Halifax, Moncton, Mississauga, Winnipeg, and Burnaby. Combined, these agreements will fast-track the creation of over 33,000 additional housing units over the next three years alone, and an estimated total of over 380,000 homes over the next decade.
- On November 10, 2023, the Government of Canada announced a contribution of nearly $44 million, through the $1.5 billion Rapid Housing Initiative, to help create over 106 affordable housing units for Torontonians in need of supportive, accessible, and affordable housing.
- 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.
- Since the creation of the NHS, the Government of Canada has committed over $38.89 billion to support the creation of over 151,803 units and the repair of over 241,133. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
- Since 2015, the government has helped almost two million Canadians find a place to call home.