Budget 2022 Puts Focus on Housing Inside Canada’s plan to improve affordability The new federal budget, released April 7th, promises to make housing affordability a priority in 2022 and beyond. Plans to bolster housing development and increase affordability include launching a new Housing Accelerator Fund, expanding the Rapid Housing Initiative (RHI), and amping up energy-efficient rental construction via the Rental Construction Financing Initiative (RCFI).
“B
udget 2022 is about growing our economy, creating good jobs, and building a Canada where nobody gets left behind,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance. “Our plan is responsible and considered, and it is going to mean more homes and good-paying jobs for Canadians; cleaner air and cleaner 26 | Canadian Apartment | Part of the REMI Network |
water for our children; and a stronger and more resilient economy for years to come.” Key steps include: Launching a new Housing Accelerator Fund To incentivize cities and towns across Canada to modernize housing and create up to
100,000 new housing units over the next five years, $4 billion will go towards a new Housing Accelerator Fund. The fund delivered through CMHC will be flexible with a single application system and will offer key supports and incentives to ensure a balanced supply of housing is built to meet the needs of all income levels. The new program will also consider
