VANCOUVER, B.C. — The Government of Canada is focused on taking real, urgent action to build more homes for Canadians.

Targeting housing experts and professionals, the Housing Supply Challenge aims to remove or reduce barriers that hinder housing supply $300 million in funding will be awarded over 5 years.

In British Columbia, Sean Fraser, Minister of Housing, Infrastructure and Communities met with municipal leaders to discuss the barriers that exist to building more housing for Canadians. Municipalities, along with provincial, territorial, and Indigenous governments have a significant role to play in speeding up the approvals process and removing the red tape that hinders new construction. Solving these challenges requires an all-hands-on-deck approach.

In Vancouver, Minister Fraser, Hedy Fry, Member of Parliament for Vancouver-Centre, alongside Deputy Mayor Pete Fry on behalf of Vancouver City Council, announced the construction of more than 1100 purpose-built rental homes. These new homes were made possible through fully repayable low-interest loans of nearly $500 million through the Rental Construction Financing Initiative (RCFi).

Canada’s construction of rental homes has not kept pace with the country's growing cities and population, leading to a decline in the existing and aging rental stock for decades, and increased pressure on housing affordability. To help address this issue, the Government of Canada introduced the RCFi to stimulate the construction of rental housing. Purpose-built rental housing is an important component of the housing market, and increasing the overall supply in the country is crucial to ensuring the affordability of housing for Canadians.

The announcement took place at 5728 Gray Avenue, a project that will be providing residential housing to faculty, staff, and other campus community members of the University of British Columbia. There will be 150 residential homes within this 6-story building, offering a mix of studio, 1,2,3, and 4-bedroom units. The project will also have easy access to public transit, and car and bike share systems within the neighborhood. In addition, a minimum of 10% of the Project’s units will be prioritized for occupancy by the elderly, youths, students, individuals in need of assistance, or individuals whose eligibility is dependent on them being members of the University of British Columbia’s faculty or staff.

Fast-track housing

Prince Edward Island’s Housing Challenge Fund pilot has been renewed to help fast-track new housing stock across the province. With a 10-year, two-percent interest rate over 25 years and property tax rebates, P.E.I. is looking to grow the housing supply in both urban and rural areas.

“We need to work together, and work quickly, to get new housing developments off the ground to address our vacancy rate and create more housing options for residents. Through the first round of the Housing Challenge Fund, over 250 new units are currently under construction. We will continue to look at ways we can add to our housing inventory – from emergency shelters and supportive housing to affordable housing, market units, and home ownership – so that every Islander has a place to call home,” said Minister of Housing, Land and Communities Rob Lantz.

The Housing Challenge Fund will allocate $20 million of the $50 million available to rural housing starts, while the remaining $30 million will be earmarked for developments in the Charlottetown, Cornwall, Stratford, and Summerside areas.