$150 Million Allocated For Affordable Homes
Canada’s Northern communities face unique housing needs due to higher construction costs, shorter construction seasons, infrastructure gaps, and the effects of climate change that are increasing as the North has been warming at roughly three times the global warming rate.
The federal government is continuing to work with partners across Yukon, the Northwest Territories, and Nunavut to address the issues of housing availability and quality that disproportionately affect Northerners, according to the Budget statement.
Budget 2022 proposes to provide $150 million over two years, starting in 2022-23, to support affordable housing and related infrastructure in the North.
Of this amount, $60 million would be provided to the Government of Nunavut; $60 million to the Government of the Northwest Territories; and $30 million to the real estate associations across the province, are actively working to help address this issue by encouraging local officials and policymakers to include increasing housing supply in their future plans,” continues Kapoor.
Government of Yukon, the budget statement said.
Over the last five years, the National Housing Co-Investment Fund has supported the construction and repair of 108,000 housing units for the most vulnerable Canadians.
Budget 2022 proposes to advance $2.9 billion in funding, on a cash basis, under the National Housing Co-Investment Fund, so that all remaining funds will be spent by 2025-26, accelerating the creation of up to 4,300 new units and the repair of up to 17,800 units for the Canadians who need them most.
Along with these new investments, the federal government will allocate $2 billion of the $20 billion provided for long-term reform of the First Nations Child and Family Services program to target the housing needs of First Nations children once a final settlement agreement is reached.
He adds, “Whether you are buying or selling, OMDREB REALTORS® have the best tools and systems to help you navigate the market. Be sure to speak with a member of The Oakville, Milton and District Real Estate Board about your real estate goals.”
About The Oakville, Milton and District Real Estate Board (OMDREB)
The Oakville, Milton and District Real Estate Board represents over 2,100 REALTORS® who serve the communities of Oakville, Milton, Halton Hills and surrounding areas. OMDREB serves its members through a variety of support and services, including professional development, technology and advocacy.