Finance Minister Chrystia Freeland says the federal government is unlocking another $20 billion in low-cost financing for the construction of rental housing across Canada.
The federal government had an annual limit of $40 billion on its Canada Mortgage Bonds program, which raises funds for residential mortgage financing.
The limit is being increased to $60 billion, which the federal government says will increase rental construction by 30,000 units annually.
Freeland is making the announcement this afternoon alongside other cabinet ministers, including Housing Minister Sean Fraser.
The Liberals also introduced legislation last week to eliminate GST charges on rental developments as Ottawa ramps up efforts to increase the housing supply.
Experts say the shortage of purpose-built rentals is the most acute and is eroding housing affordability across the country.
This report by The Canadian Press was first published Sept. 26, 2023.
