A 10-year agreement cemented between the governments of Canada and Alberta will give rise to more affordable housing units in the province over the next decade.
The deal involves the investment of $678 million in the renewal and expansion of Alberta’s low-cost housing, with both governments contributing $339 million each for the long-term funding.
The agreement – which will greatly support Alberta’s initiatives concerning housing repair, construction, and affordability – comes in addition to the more than $638 million in existing 10-year federal housing investments in Alberta, coursed through the Social Housing Agreement.
The Liberal administration has invested almost $510 million in Alberta’s housing since November 2015. The oil industry crashes of recent years have hit the province’s home buyers and consumers particularly hard.
Read more: Oil sector recovery propelling Western Canada’s rental homes
“The new agreement marks the beginning of a partnership that will be supported by long-term and predictable funding starting April 1, 2019,” the governments stated in the announcement.
“Alberta’s first Affordable Housing Strategy was launched in 2017 with the goal of building and renewing 4,100 units, and that goal is about to be achieved and exceeded. This new agreement means Alberta can continue our bold approach to address the housing needs of Albertans,” Alberta Minister of Seniors and Housing Lori Sigurdson said.
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