$115M unlocked to speed Vancouver home construction
Prime Minister Justin Trudeau said the funds will go towards efforts to remove barriers to housing development.
Prime Minister Justin Trudeau meets with Vancouver Mayor Ken Sim.
The federal government has reached an agreement with the City of Vancouver to fast-track over 3,200 new housing units over the next three years.
Officials say the work will help spur the construction of more than 40,000 homes over the next decade.
Under the Housing Accelerator Fund, the agreement will provide almost $115 million to eliminate housing development barriers. It will allow for high density development including multiplexes and apartment buildings, help fast-track development processes, and build housing near public transit.
As part of the agreement, Vancouver will work to streamline re-zoning laws, expand affordable rental programs, cut red tape, and unlock non-market housing.
“Like so many cities across Canada, Vancouver needs more homes, and fast,” said Prime Minister Justin Trudeau. “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 Vancouver will help build more homes, faster, so that every Canadian has a good place to call their own.”
The Housing Accelerator Fund is meant to help cut red tape and fast track home construction across Canada. 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.