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Trudeau pledges billions more for apartment construction loans



Prime Minister Justin Trudeau unveiled plans to inject an additional $15 billion (US$11.1 billion) into a program aimed at facilitating apartment construction loans in Canada. This move comes amidst the country's escalating housing crisis, propelled by a burgeoning population.


With this infusion, the federal loan program's coffers will swell to $55 billion, earmarked to support the development of over 131,000 new apartments within the coming decade. Trudeau's administration intends to revamp the program, extending loan terms and broadening its scope to encompass student and senior housing initiatives. Moreover, the reforms aim to streamline the financing process, enabling simultaneous backing for multiple projects while expediting approvals for established home builders.


Drawing inspiration from the successful BC Builds initiative in British Columbia, which has effectively catalyzed home construction by offering affordable financing and hastening project approvals, Trudeau aims to replicate this model nationwide.


In anticipation of the impending federal budget slated for release on April 16, Trudeau has embarked on a proactive campaign, unveiling a slew of measures to tackle Canada's housing affordability crisis head-on.


Earlier this week, Trudeau announced a groundbreaking $5 billion infrastructure fund earmarked for provinces, contingent upon their efforts to dismantle regulatory barriers hindering housing development. Provinces stand to benefit from this fund provided they enact reforms such as suspending municipal development charges and permitting the construction of up to four units on every residential lot.


These measures underscore Trudeau's commitment to addressing the dual challenges of soaring housing prices and dwindling supply, which have burdened Canadians across the socio-economic spectrum.


Critics, however, remain divided over the efficacy of these initiatives. While some laud Trudeau's proactive stance, others caution that these measures may not suffice to alleviate the entrenched housing crisis gripping the nation. Nevertheless, Trudeau remains resolute in his determination to confront these challenges head-on, signaling a renewed sense of urgency in his government's approach to housing policy.


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