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Trudeau announces $600 million in loans, funding to jump-start homebuilding, rentals

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OTTAWA — The federal Liberal government plans a $600-million package of loans and funding to help make it easier and cheaper to build homes for owners and renters.

Prime Minister Justin Trudeau made the announcement in Calgary, just the latest in a string of pre-budget announcements aimed at winning over younger voters.

“Younger generations, like millennials and gen-Z, feel like they’re falling behind because housing costs are just too high,” said Trudeau.

“That’s not OK — and it needs to change.”

Trudeau said $50 million would go toward a homebuilding technology and innovation fund, with another $50 million to modernize and expedite construction.

An additional $500 million worth of low-cost loans will foster projects with “innovative” construction techniques from prefabricated and modular housing manufacturers and other builders.

Housing Minister Sean Fraser said Canada is living through a housing crisis, but it doesn’t have to be like that going forward.

“But it’s going to demand that we do things in different ways,” he said, adding more announcements will be made in coming weeks.

Finance Minister Chrystia Freeland will table the next federal budget April 16.

In Winnipeg on Thursday, Trudeau announced $1.5 billion to help non-profits acquire more rental units and ensure their affordability.

This report by The Canadian Press was first published April 5, 2024.

The Canadian Press

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