We're looking forward to the Race to End Homelessness on September 27! If you're running, or if you are part of an organization runners are fundraising for, we've put together some resources to help you promote the race and your participation.
Canada’s 2024 Federal Budget: What it Means for Housing
With Ottawa’s housing landscape in turbulence, Canada’s new 2024 federal budget unveils measures to boost affordable housing nationwide. Let’s take a closer look at some of the key points and their potential impacts for Ottawa’s residents and communities.
Canada Rental Protection Fund: $1.5 billion
This fund aims to stop the loss of affordable rental properties, empowering affordable housing providers across charitable and private sectors to purchase rental units. Access to $1 billion in loans enables buyers to act swiftly, safeguarding affordable housing from being converted into to luxury rentals or condos. The other $470 million offsets provider efforts to stabilize rental rates and preserve the quality of units, ensuring sustainability over the long haul.
What it means for renters
- Better protection from evictions resulting from renovation or demolition
- Stabilization of affordable rental rates
- Safeguarding of rental units near vital infrastructure
What it means for non-profits
- Streamlined processes for securing financing
- Support to uphold affordable rental rates
- Cost-effective savings compared to new builds
Apartment Construction Loan Program: +$15 billion ($55 billion total)
This program aims to create more rental housing stock, particularly for students and seniors. This loan program presents compelling incentives for apartment development in sought-after neighbourhoods. By injecting an additional $15 billion, the federal government aims to add 30,000 new homes to its goal of 131,000 across Canada by 2032. $100 million will be directed to building in urban cores already equipped with essential infrastructure to accommodate greater population density.
What it means for renters
- Increased availability of new rental units for students and seniors
- Enhanced affordability through a surge in supply
- Access to rentals in urban hubs with proximity to critical services and transitways
What it means for builders
- Enticing financing terms to spur construction
- Streamlined service for frequent builders
- Competitive interest rates to encourage development
Housing Accelerator Fund: +$400 million
A $400 million boost to the current $4 billion commitment aims to maintain momentum in new home construction across Canada. Working hand-in-hand with municipalities, the fund aims to create more than 100,000 new homes in the next three years, with a target of 750,000 within the decade.
What it means for Ottawa
- The City will receive $176.3 million to construct of 32,600 new homes over ten years
- Most (90%) of this funding for Ottawa will be for non-profit housing initiatives
Public Lands for Homes Plan: $1.8 million
Unlocking the untapped potential of public lands, this plan pledges to bring forth 250,000 new homes by 2031. The goal is to create more sustainable, mixed-market housing developments by streamlining construction on government-owned land. In Ottawa, the first phase includes the immediate construction of 500 new homes in Rockcliffe’s Wateridge Village.
What it means for renters
- Access to diverse housing options, including affordable rentals
- Potential for stable rental rates due to cost-saving incentives for builders
What it means for builders
- Opportunity to access public lands for development
- Favourable land lease arrangements to ensure rental affordability
-
Access to low-cost financing options
Converting Under-used Federal Offices Into Homes: $1.1 billion
With over six million square metres of underused office space, the federal government aims to repurpose wasted space into much-needed housing. Public Services and Procurement Canada plans to offload 50% of its office footprint over the next ten years, prioritizing non-market and student housing developments. This initiative is projected to save $3.9 billion over ten years.
What it means for communities
- Revitalization of neglected areas
- Enriched housing options in urban centres
-
Potential for mixed-use developments
Canada Housing Infrastructure Fund: $6 billion
To support the construction of more homes, the federal government has allocated $6 billion over ten years to essential infrastructure. Of this amount, $1 billion is earmarked for prioritizing urgent water infrastructure needs, with the remaining $5 billion available to provinces and territories committed to strategic initiatives to enhance housing accessibility, affordability, and environmental sustainability.
What it means for Ontario
- Enhanced flexibility in directing resources to the Province’s specific areas of need