The Canadian government has announced a new investment fund as part of the National Housing Strategy.
The National Housing Co-Investment Fund (NHCF) will see the government work with partners to build up to 60,000 new affordable housing units and repair over 240,000 affordable and community units over the next 10 years.
There will also be funding for thousands of homes for the most vulnerable people in Canada.
The focus is on strengthening the middle class, fuelling the economy, and giving thousands of people affordable housing options.
The minister responsible for the CMHC Jean-Yves Duclos said that the National Housing Strategy is partly built on the federal government collaborating with partners.
"By working with our partners at all levels, more middle class Canadians - and those working hard to join it - will find safe, accessible, affordable homes, in vibrant and inclusive communities where families thrive, children learn and grow, and their parents have the stability and opportunities they need to succeed,” he said.
To maximize the impact of the NHCF, up to $200 million-worth of federal lands will be made available to social and affordable housing providers at a discounted or no cost to encourage the development of affordable homes.
The NHCF will be delivered in tandem with the recently created $3.75 billion Rental Construction Financing initiative and the $208.3 million Affordable Housing Innovation Fund. Combined, these three initiatives represent an investment of over $17.15 billion. This includes investments under Investing in Canada Plan.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate