The Canadian government has launched a housing accelerator fund (HAF)— a $4 billion initiative aimed at speeding up housing development in Canada and fast-tracking the creation of 100,000 new homes.
According to a news release from the Prime Minister’s office, the fund will help increase supply by speeding up development and approvals, like fixing out-of-date permitting systems, introducing zoning reforms to build more density and incentivizing development close to public transit.
The Government of Canada aims to double the rate of housing construction over the next decade to address growing demand.
“Canada has the fastest growing population in the G7, but our housing supply hasn’t kept up with demand,” Prime Minister Justin Trudeau said in a news release. Trudeau promises the fund will help local governments cut red tape and backlogs.
The application portal for the HAF will open in June, and local governments are encouraged to begin preparing their proposed action plans.