$1.8B committed for new housing projects in Quebec
It is the largest homebuilding investment in the history of the province.
Prime Minister Justin Trudeau (left), Quebec Premier Francois Legault (middle) and Federal Housing Minister Sean Fraser (right)
- $1.8 billion in federal and provincial funds combined will go towards creating new housing in Quebec.
- The contribution corresponds to nearly 23% of $4 billion Housing Accelerator Fund initiative that was launched this summer.
- The funds are expected to directly create 8,000 social and affordable housing units.
- Quebec has also committed to legislative amendments aimed at speeding up the development process.
The Whole Story:
Quebec and the federal government are joining forces to combat the housing crisis.
Prime Minister Justin Trudeau announced an agreement through the Housing Accelerator Fund (HAF), to finance residential projects in the province. Quebec will receive $900 million from Ottawa to get shovels in the ground to create new units.
The contribution corresponds to nearly 23% of the total HAF funding, the aim of which is to add at least 100,000 residential units over and above historical averages across Canada, over four years.
In its November 7 economic and financial update, the Quebec government announced that it will also invest $900 million, bringing the combined total of the two governments’ contribution to $1.8 billion in new funding for housing construction. This investment is expected to directly create 8,000 social and affordable housing units, 500 of which will be earmarked for clients who are homeless or at risk of homelessness.
Officials say the agreement will result in the creation of tens of thousands of additional housing units over the next few years in Quebec and will encourage regulatory reforms.
“Quebec is resolutely committed to pursuing its efforts to accelerate the construction of residential units in the province, based on the Act respecting land use planning and development and other provisions,” stated a release from the Government of Canada.
Officials explained that the Quebec government plans to set up an interdepartmental project acceleration unit in co-operation with Quebec municipalities, and will adopt new government policies for land use planning, with housing construction indicators on which municipalities will have to base their targets.
The province intends to propose legislative amendments – these are currently in the drafting phase and will be subject to adoption by the National Assembly – to improve urban densification and facilitate the authorization of residential building construction.
“We’ve heard Canadians and we’re working hard to build more housing, faster,” said Trudeau. “The agreement announced today is historic and supports Quebec’s efforts to ensure that all Quebecers have a safe and affordable place to live. Together with our provincial and municipal partners, we will continue to cut red tape and build the safe, affordable communities that Canadians need and deserve, from coast to coast to coast.”