The Government of Canada is taking real and urgent action to make housing more affordable for Canadians. For students who rent, families who own, and young couples looking to buy their first home, finding an affordable place to live has become increasingly difficult. We know that not enough homes are getting built in our communities, so we are rapidly investing to build more homes, faster. Fixing our housing supply problem will drive down the cost of housing for Canadians.
The Prime Minister, Justin Trudeau, was joined today by the Mayor of Hamilton, Andrea Horwath, to announce a joint investment of nearly $64 million from the Government of Canada and the City of Hamilton to build and repair 214 homes for families in Hamilton, Ontario. This announcement builds on the 7,255 homes the federal government has invested to build and repair in Hamilton since 2015.
Since 2015, the government has helped almost two million Canadians find a place to call home across the country – and there is more to do. When we invest in more affordable housing for Canadian families, we create jobs, grow the economy, and strengthen the middle class.
“All across the country, I hear from Canadians that the cost of housing is a top concern – and that’s why we are rapidly investing to build more homes. Today’s investment to build and repair hundreds of homes in Hamilton will make housing more affordable, create good jobs for the middle class, and grow the economy.”
“Every Canadian deserves a safe and affordable place to call home. Today, we are delighted to announce the funding of over 200 homes in Hamilton to support the needs of individuals and families. These homes are key to responding to the housing needs in Hamilton. This is one of the many ways the Government of Canada’s National Housing Strategy is ensuring that no one is left behind.”
“The Government of Canada is committed to providing people with the necessities they need to live, grow, and thrive in Hamilton. By helping people reach their potential, they can discover all the possibilities that can be created right here in our city.”
“It’s so important to me that people of all ages and income levels can afford to call Hamilton home. This joint investment by the City of Hamilton and the Government of Canada will change the lives of hundreds of people and demonstrates the important and ongoing partnership that is required to support Hamilton residents as life continues to get more expensive.”
- Budget 2022 proposed measures that, paired with steps that must be taken by other levels of government, will put Canada on the path to doubling our construction of new housing and help meet Canada’s housing needs over the next decade.
- The four housing projects announced today in Hamilton will be located at:
- 90 Carling Street
- 104-106 Bay Street
- 32 Clapham Road
- 219 East Avenue North
- Some of this housing will build and repair specific rental units and will support seniors, women and children fleeing domestic violence, people experiencing mental health or addiction issues, and Indigenous Peoples.
- The federal government will provide close to $45 million for these four projects, which will also be supported by a contribution of $19.1 million from the City of Hamilton.
- The federal funding will be provided through National Housing Strategy (NHS) programs, including the Rental Construction Financing Initiative and the Rapid Housing Initiative.
- The Government of Canada’s NHS is an ambitious, 10-year plan that will invest over $82 billion to give more Canadians a place to call home.
- The Rental Construction Financing Initiative (RCFi) provides fully repayable low-interest loans to encourage the construction of more purpose-built rental housing for middle-income Canadians, increasing housing availability at minimal cost to taxpayers. The RCFi complements other NHS initiatives that focus on funding affordable housing units for lower-income households. Through the RCFi, the Government of Canada is helping to build more than 71,000 rental units.
- The Rapid Housing Initiative (RHI) is delivered through the Canada Mortgage and Housing Corporation (CMHC), under the NHS. It provides funding to facilitate the rapid construction of new housing and the acquisition of existing buildings for the purpose of rehabilitation or conversion to permanent affordable housing units. With its third phase, launched in 2022, the Rapid Housing Initiative once again exceeded targets. It is expected that over 5,200 new homes will be created, of which almost half will be for women and one third will be for Indigenous Peoples. The total number of units created with all three phases of the RHI is now over 15,500 across Canada.
- The RHI takes a human rights-based approach to housing, serving people experiencing or at risk of homelessness and other vulnerable people, including women and children fleeing domestic violence, seniors, young adults, Indigenous Peoples, people with disabilities, people experiencing mental health and addiction issues, veterans, 2SLGBTQI+ individuals, racialized groups, and recent immigrants or refugees.