Continuing his pre-budget spending pledge tour, Prime Minister Justin Trudeau is promising a $15-billion top-up as well as reforms to the federal apartment construction loan program.
Related to this loan program, Trudeau says the federal government also plans to launch a new “Canada Builds” initiative to help build more rental housing across Canada. Styled after the “BC Builds” program in British Columbia, the aim is to allow provinces to access federal loans, dependent on the provinces meeting a series of benchmarks.
The $15-billion loan top-up will help finance the program’s aim of constructing of more than 131,000 new apartments within the next decade.
The federal government also plans to reform the program to increase access. This will include extending loan terms and widening eligibility to include housing for students and seniors.
According to a release from the Prime Minister’s Office (PMO), the Liberals will also launch a new “frequent builder stream” to speed up application times for “proven home builders.”
Trudeau and his cabinet have been holding daily press conferences teasing out pieces of the upcoming 2024 federal budget, which will be tabled on April 16.
With files from CTV News’ Luca Caruso-Moro
